Press Release

DBRS Confirms Ratings for Canadian Crown Agents

Other Government Related Entities
November 30, 2016

Following the confirmation of the Government of Canada on November 25, 2016, DBRS Limited has today confirmed the AAA long-term ratings and the R-1 (high) short-term ratings on certain Crown agents as follows: Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Canada Post Corporation, Export Development Canada and Farm Credit Canada. All trends are Stable.

RATING DRIVERS
Although not anticipated, a change in legislation or ownership that could affect the Agent of the Crown status of any of the above entities, without offsetting explicit support for outstanding debt from the Government of Canada, would negatively affect the ratings. Furthermore, a downward adjustment to the Government of Canada’s ratings would have an equal impact on the ratings of the above-mentioned entities.

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.

The applicable methodology is DBRS Criteria: The Link between Sovereign Ratings and Government Related Entities, which can be found on our website under Methodologies.

The ratings for Export Development Canada are endorsed by DBRS Ratings Limited for use in the European Union.

The ratings of Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Export Development Canada and Farm Credit Canada were not initiated at the request of the rated entities.

The rated entities or their related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of Canada Post Corporation or its related entities. DBRS did not have access to the accounts and other relevant internal documents of Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Export Development Canada and Farm Credit Canada.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com

Ratings

Business Development Bank of Canada
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:R-1 (high)
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
Canada Mortgage and Housing Corporation
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:R-1 (high)
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:R-1 (high)
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
Canada Post Corporation
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
Export Development Canada
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:R-1 (high)
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
Farm Credit Canada
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:AAA
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • Date Issued:Nov 30, 2016
  • Rating Action:Confirmed
  • Ratings:R-1 (high)
  • Trend:Stb
  • Rating Recovery:
  • Issued:CA
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.