DBRS Finalizes Provisional Rating on Coast Capital’s Subordinated Debt at BBB, Stable

DBRS Limited (DBRS) finalized its provisional rating of BBB with a Stable trend on Coast Capital Savings Credit Union’s (Coast Capital or the Credit Union) 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 April 26, 2018. For further details on the provisional rating, please see the DBRS press release entitled “DBRS Assigns Provisional Rating of BBB with a Stable Trend to Coast Capital’s Subordinated Debt.”

The aggregate gross proceeds from the Subordinated Debt totalled $200 million. Proceeds from the issuance will be used for regulatory capital and general corporate 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 applicable methodology is Global Methodology for Rating Banks and Banking Organisations (May 2017), which can be found on our website under Methodologies.

Lead Analyst: Maria-Gabriella Khoury, Vice President, Canadian Financial Institutions Group
Rating Committee Chair: Roger Lister, Managing Director, Chief Credit Officer, Global FIG and Sovereign Ratings

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.

For more information on this credit or on this industry, visit www.dbrs.com.