DBRS Assigns Final Rating of A (low), Stable to Bank of Nova Scotia’s Non-Viability Contingent Capital Subordinated Debt

DBRS Limited (DBRS) has finalized the rating of A (low) with a Stable trend on Bank of Nova Scotia’s (Scotiabank or the Bank) 2.58% Debentures due March 30, 2027 (subordinated indebtedness) (NVCC Sub Debt).

Following the review of documentation associated with the recent offering, DBRS has confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on March 23, 2015. For further details on the provisional rating, please see the DBRS press release from that date entitled “DBRS Assigns Provisional Rating of A (low), Stable, to Bank of Nova Scotia’s Non-Viability Contingent Capital Subordinated Debt”.

The aggregate gross proceeds from the NVCC Sub Debt totalled $1.25 billion. Proceeds from the issuance will be used for general business purposes.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The primary methodologies are Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2015), and Global Methodology for Rating Banks and Banking Organisations (June 2014) which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.