DBRS Confirms AAA Ratings of Canadian Structured Covered Bond Programs

DBRS Limited (DBRS) has today confirmed the AAA ratings of the outstanding series issued under the following legacy structured Canadian Covered Bond programs, as part of its continued efforts to provide timely credit rating opinions and increased transparency to market participants:

Bank of Montreal (Global Public Sector Covered Bond Programme)
-- Covered Bonds, Series 2, Tranche 1
-- Covered Bonds, Series 3, Tranche 1
-- Covered Bonds, Series 5, Tranche 1

Bank of Nova Scotia (Global Public Sector Covered Bond Programme)
-- Covered Bonds, Series 2
-- Covered Bonds, Series 4
-- Covered Bonds, Series 6
-- Covered Bonds, Series 8
-- Covered Bonds, Series 9
Caisse centrale Desjardins du Québec (Global Covered Bond Programme)
-- Covered Bonds, Series 1
-- Covered Bonds, Series 2
Canadian Imperial Bank of Commerce (Global Public Sector Covered Bond Programme)
-- Covered Bonds, Series CB6
-- Covered Bonds, Series CB7 (Tranche 1)
-- Covered Bonds, Series CB7 (Tranche 2)
-- Covered Bonds, Series CB9
-- Covered Bonds, Series CB10
-- Covered Bonds, Series CB14
National Bank of Canada (Global Public Sector Covered Bond Programme)
-- Covered Bonds, Series 2 (Tranche 1)
-- Covered Bonds, Series 2 (Tranche 2)
The Toronto-Dominion Bank (Global Public Sector Covered Bond Programme)
-- Covered Bonds, Series 1
-- Covered Bonds, Series 3
-- Covered Bonds, Series 4
The confirmation is based on the Strong legal framework assessment, issuer ratings of AA or AA (low) and the AAA cover pool assessment.

As all the above programs have insured mortgage loans as cover pool collateral which are not permitted in the Canadian covered bond legislation, new issuance is no longer allowed under these grandfathered programs.

As Bank of Nova Scotia (Global Public Sector Covered Bond Programme) Covered Bond Series 9 have one security identification number for all tranches after re-opening, the rating for Series 9 Tranche 2 is, therefore, discontinued for data consistency reasons.
More details on the programs are provided in the Monthly Canadian Covered Bonds Report, which is available by clicking on the link under Related Research or by contacting us at info@dbrs.com.

Notes:
All figures are in Canadian dollars unless otherwise noted.

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.

The applicable methodologies are Rating Canadian Covered Bonds (April 2015) and Canadian Structured Finance Surveillance Methodology (May 2014), which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.