Press Release
DBRS Confirms Ratings of Canadian Legislative Covered Bond Programs at AAA
Covered BondsDBRS Limited (DBRS) confirmed the AAA ratings of the outstanding series issued under the following legislative Canadian covered bond programs as part of its continued efforts to provide timely credit rating opinions and increased transparency to market participants:
Bank of Montreal (Global Registered Covered Bond Program)
-- Covered Bonds, Series CBL1
-- Covered Bonds, Series CBL2
-- Covered Bonds, Series CBL4
-- Covered Bonds, Series CBL5
-- Covered Bonds, Series CBL6
-- Covered Bonds, Series CBL7
-- Covered Bonds, Series CBL8
-- Covered Bonds, Series CBL9
-- Covered Bonds, Series CBL10
-- Covered Bonds, Series CBL11
-- Covered Bonds, Series CBL12
-- Covered Bonds, Series CBL13
-- Covered Bonds, Series CBL14
Bank of Nova Scotia (Global Registered Covered Bond Program)
-- Covered Bonds, Series CBL1
-- Covered Bonds, Series CBL2
-- Covered Bonds, Series CBL3
-- Covered Bonds, Series CBL6
-- Covered Bonds, Series CBL7
-- Covered Bonds, Series CBL8
-- Covered Bonds, Series CBL9
-- Covered Bonds, Series CBL10
-- Covered Bonds, Series CBL11
-- Covered Bonds, Series CBL12
-- Covered Bonds, Series CBL13
-- Covered Bonds, Series CBL14
-- Covered Bonds, Series CBL15
-- Covered Bonds, Series CBL16
-- Covered Bonds, Series CBL17
-- Covered Bonds, Series CBL18
-- Covered Bonds, Series CBL19
-- Covered Bonds, Series CBL20
-- Covered Bonds, Series CBL21
National Bank of Canada (Legislative Global Covered Bond Programme)
-- Covered Bonds, Series CBL1
-- Covered Bonds, Series CBL2
-- Covered Bonds, Series CBL3
-- Covered Bonds, Series CBL4
-- Covered Bonds, Series CBL5
-- Covered Bonds, Series CBL6
-- Covered Bonds, Series CBL7
Royal Bank of Canada (Global Covered Bond Programme)
-- Covered Bonds, Series CB7 (Tranche 1)
-- Covered Bonds, Series CB7 (Tranche 2)
-- Covered Bonds, Series CB7 (Tranche 3)
-- Covered Bonds, Series CB11
-- Covered Bonds, Series CB13
-- Covered Bonds, Series CB14
-- Covered Bonds, Series CB15
-- Covered Bonds, Series CB16
-- Covered Bonds, Series CB17
-- Covered Bonds, Series CB18
-- Covered Bonds, Series CB19
-- Covered Bonds, Series CB20
-- Covered Bonds, Series CB21
-- Covered Bonds, Series CB22
-- Covered Bonds, Series CB23
-- Covered Bonds, Series CB24
-- Covered Bonds, Series CB25
-- Covered Bonds, Series CB26
-- Covered Bonds, Series CB27
-- Covered Bonds, Series CB28
-- Covered Bonds, Series CB29
-- Covered Bonds, Series CB30
-- Covered Bonds, Series CB31
-- Covered Bonds, Series CB32
-- Covered Bonds, Series CB33
-- Covered Bonds, Series CB34
-- Covered Bonds, Series CB35
The Toronto-Dominion Bank (Global Legislative Covered Bond Programme)
-- Covered Bonds, Series CBL1
-- Covered Bonds, Series CBL3
-- Covered Bonds, Series CBL4
-- Covered Bonds, Series CBL5
-- Covered Bonds, Series CBL6
-- Covered Bonds, Series CBL7
-- Covered Bonds, Series CBL8
-- Covered Bonds, Series CBL9
-- Covered Bonds, Series CBL10
-- Covered Bonds, Series CBL11
-- Covered Bonds, Series CBL12
-- Covered Bonds, Series CBL13
-- Covered Bonds, Series CBL14
-- Covered Bonds, Series CBL15
-- Covered Bonds, Series CBL16
-- Covered Bonds, Series CBL17
-- Covered Bonds, Series CBL18
-- Covered Bonds, Series CBL19
The confirmations are based on (1) the strong legal framework assessment, (2) Issuer Ratings of AA or AA (low) and (3) cover pool assessments of at least (1) “A” for AA-rated issuers and (2) AA (low) for AA (low)-rated issuers.
More details on the programs are provided in the Monthly Canadian Covered Bonds Report, which is available by clicking on the link under Related Documents or by contacting us at info@dbrs.com.
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 Documents or by contacting us at info@dbrs.com.
The principal methodologies are Rating Canadian Covered Bonds (April 2017) and Master Canadian Structured Finance Surveillance Methodology (December 2017), which can be found on dbrs.com under Methodologies.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
These ratings are endorsed by DBRS Ratings Limited for use in the European Union.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
Ratings
Bank of Montreal (Global Registered Covered Bond Program)
Bank of Nova Scotia (Global Registered Covered Bond Program)
National Bank of Canada (Legislative Global Covered Bond Programme)
Royal Bank of Canada (Global Covered Bond Programme)
Toronto-Dominion Bank (Global Legislative Covered Bond Programme), The
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.
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Related Documents
Methodology Used:
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Contacts
- Jamie Feehely
Managing Director, CDN Structured Finance - Global Structured Finance
+1 416 597 7312
jfeehely@dbrs.com - Paul Bretzlaff
Senior Vice President, Sector Lead - Canadian Structured Finance Ratings
+(1) 416 597 7330
paul.bretzlaff@morningstar.com - Clara Vargas
Senior Vice President, Sector Lead - Canadian Structured Finance Ratings, Surveillance
+(1) 416 597 7473
clara.vargas@morningstar.com