DBRS Finalizes Provisional Rating on Laurentian’s Non-Viability Contingent Capital Subordinated Debt at BBB (low), Stable

DBRS Limited (DBRS) has today finalized its provisional rating of BBB (low) with a Stable trend on Laurentian Bank of Canada’s (LBC or the Bank) Non-Viability Contingent Capital (NVCC) Subordinated Debt.

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 June 7, 2017. For further details on the provisional rating, please see the DBRS press release entitled DBRS Assigns Provisional Rating to Laurentian’s Non-Viability Contingent Capital Subordinated Debt of BBB (low), Stable.”

The aggregate gross proceeds from the NVCC Subordinated Debt totalled $350 million. Proceeds from the issuance will be used for general business purposes.

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 on the issuer page at www.dbrs.com.

The principal methodology is Global Methodology for Rating Banks and Banking Organisations (May 2017), which can be found on dbrs.com under Methodologies.

Lead Analyst: Maria-Gabriella Khoury
Rating Committee Chair: Michael Driscoll

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.