DBRS Confirms Ratings of Canadian Agents of the Crown at AAA

DBRS Limited (DBRS) confirmed the AAA long-term ratings and R-1 (high) short-term ratings of the following Canadian Agents of the Crown: Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Export Development Canada and Farm Credit Canada. DBRS also confirmed the AAA long-term rating of Canada Post Corporation. All trends are Stable. The rating actions follow the confirmation of the Government of Canada’s AAA long-term rating and R-1 (high) short-term rating on October 12, 2018.

RATING DRIVERS
Although not anticipated, a change in legislation or ownership affecting the Agent of the Crown status of any of the above-mentioned entities without offsetting support for outstanding debt from the Government of Canada would negatively affect the ratings. Furthermore, a downgrade to the Government of Canada’s ratings would have an equal impact on the ratings of the above-mentioned entities.

Notes:
The principal methodology is The Link between Sovereign Ratings and Government Related Entities, which can be found on dbrs.com under Methodologies.

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 under Related Documents or by contacting us at [email protected].

This ratings for Export Development Corporation are no longer endorsed by DBRS Ratings Limited for use in the European Union.

The ratings of Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Export Development Canada and Farm Credit Canada were not initiated at the request of the rated entities.

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 Canada Post Corporation or its related entities in connection with this rating action. DBRS did not have access to the accounts and other relevant internal documents of Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Export Development Canada and Farm Credit Canada in connection with this rating action.

The full report providing additional analytical detail on Canada Post Corporation is available by clicking on the link under Related Research at the right of the screen or by contacting us at [email protected].