DBRS Finalizes Rating of Pfd-2, Stable on Bank of Nova Scotia’s Non-Viability Contingent Capital Preferred Shares

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

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 December 8, 2015. For further details on the provisional rating, please see the DBRS press release from that date entitled “DBRS Assigns Pfd-2 Provisional Rating to Bank of Nova Scotia’s Non-Viability Contingent Capital Preferred Shares, Stable”.

The aggregate gross proceeds from the NVCC Preferred Shares totalled $350 million. 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), 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.