Ontario School Boards Financing Corporation: Rating Report

DBRS Limited (DBRS) confirmed the ratings on the Series 2007-A1, 2006-A1, 2005-A1, 2004-A1, 2003-A2, 2002-A2, 2001-A3 and 2000-A1 Pooled Debentures Ownership Interests issued by Ontario School Boards Financing Corporation (OSBFC) at AA (low) with Stable trends. DBRS also discontinued the rating on the Series 2002-A1 Pooled Debentures Ownership Interests following its maturity on October 11, 2017. While not guaranteed by the Province of Ontario (Ontario or the Province; rated AA (low) with a Stable trend by DBRS), the ratings reflect (1) the strong linkage to the Province as the primary source of school board revenues used to service OSBFC debt, (2) the importance of education as a public-policy priority and (3) the strong Provincial oversight and monitoring of school boards.