DBRS Assigns Pfd-2 Provisional Rating to Bank of Nova Scotia’s Non-Viability Contingent Capital Preferred Shares, Stable

DBRS Limited (DBRS) has today assigned a provisional rating of Pfd-2 with a Stable trend to the Bank of Nova Scotia’s Non-Cumulative 5-Year Rate Reset Preferred Shares Series 34 (NVCC Preferred Shares or Series 34).

DBRS assigned the NVCC Preferred Shares a rating equal to the Bank’s intrinsic assessment of AA (low) less four rating notches, consistent with DBRS’s criteria titled “Rating Bank Capital Securities -- Subordinated, Hybrid, Preferred & Contingent Capital Securities.”

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 applicable methodologies are DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2015), Global Methodology for Rating Banks and Banking Organisations (June 2015) and DBRS Criteria: Support Assessments for Banks and Banking Organisations (March 2015) which can be found on our website under Methodologies.