DBRS Withdraws Ratings for Caisse centrale Desjardins

DBRS Limited (DBRS) has today withdrawn its ratings on Caisse centrale Desjardins (CcD) as listed in the rating table below following the amalgamation of CcD into Fédération des caisses Desjardins (FCDQ; rated AA with a Negative trend) effective January 1, 2017.

Under the new structure, FCDQ is liable for all outstanding obligations of CcD in addition to its own rights and obligations. FCDQ has also taken over functions performed by CcD, replaced CcD as the issuer of debt and taken over CcD’s role in dealing with clearing houses and payment associations. The new structure does not impact Desjardins Group’s (rated AA with a Negative trend) credit ratings.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found on the issuer page at www.dbrs.com.

The applicable methodologies are Global Methodology for Rating Banks and Banking Organizations (July 2016), DBRS Criteria: Support Assessments for Banks and Banking Organisations (March 2016) and Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016), which can be found on the DBRS website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Sohail Ahmer
Rating Committee Chair: Roger Lister