DBRS Confirms All Ratings of Canada Housing Trust™ No. 1

DBRS Limited (DBRS) has today confirmed all of the outstanding rated notes issued by Canada Housing Trust™ No. 1 (the Bonds) as follows:

-- 4.10% Canada Mortgage Bonds™, Series 23
-- 4.10% Canada Mortgage Bonds™, Series 23c
-- 3.75% Canada Mortgage Bonds™, Series 30
-- 3.35% Canada Mortgage Bonds™, Series 36
-- 3.80% Canada Mortgage Bonds™, Series 40
-- 2.75% Canada Mortgage Bonds™, Series 41
-- Floating Rate Canada Mortgage Bonds™, Series 42
-- 1.85% Canada Mortgage Bonds™, Series 43
-- Floating Rate Canada Mortgage Bonds™, Series 44
-- 2.65% Canada Mortgage Bonds™, Series 45
-- 2.05% Canada Mortgage Bonds™, Series 46
-- Floating Rate Canada Mortgage Bonds™, Series 47
-- 2.40% Canada Mortgage Bonds™, Series 48
-- 1.70% Canada Mortgage Bonds™, Series 49
-- Floating Rate Canada Mortgage Bonds™, Series 50
-- 1.75% Canada Mortgage Bonds™, Series 51
-- 2.35% Canada Mortgage Bonds™, Series 52
-- Floating Rate Canada Mortgage Bonds™, Series 53
-- 2.05% Canada Mortgage Bonds™, Series 54
-- 3.15% Canada Mortgage Bonds™, Series 55
-- 2.35% Canada Mortgage Bonds™, Series 56
-- Floating Rate Canada Mortgage Bonds™, Series 57
-- 2.90% Canada Mortgage Bonds™, Series 58
-- 1.95% Canada Mortgage Bonds™, Series 59
-- Floating Rate Canada Mortgage Bonds™, Series 60
-- 2.00% Canada Mortgage Bonds™, Series 61
-- 2.55% Canada Mortgage Bonds™, Series 62
-- Floating Rate Canada Mortgage Bonds™, Series 63
-- 1.20% Canada Mortgage Bonds™, Series 64
-- Floating Rate Canada Mortgage Bonds™, Series 65
-- 1.45% Canada Mortgage Bonds™, Series 66
-- 1.95% Canada Mortgage Bonds™, Series 67
-- 1.25% Canada Mortgage Bonds™, Series 68
-- Floating Rate Canada Mortgage Bonds™, Series 69
-- 2.25% Canada Mortgage Bonds™, Series 70
-- 1.25% Canada Mortgage Bonds™, Series 71

The trends remain Stable.

The confirmation is part of DBRS’s continued effort to provide timely credit rating opinions and increased transparency to market participants.

The Bonds are backed by a full guarantee (the CMHC Guarantee) provided by the Canada Mortgage and Housing Corporation (CMHC) in its capacity as an agent of Her Majesty in Right of Canada. The Bonds are consequently rated at the same level as CMHC’s senior unsecured debt rating of AAA, which mirrors DBRS’s Canadian sovereign rating of AAA for the Government of Canada’s domestic and foreign currency obligations. As an agent of Her Majesty in Right of Canada, CMHC’s debt obligations and guarantees are direct obligations of the Government of Canada. The AAA rating is based solely on the CMHC Guarantee without any review of the underlying collateral, as such information is not provided to DBRS.

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 Master Canadian Structured Finance Surveillance (May 2015) and Structured Finance Flow-Through Ratings (January 2016), 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.