DBRS Confirms Ratings of NBC Legislative Global Covered Bonds at AAA

DBRS Limited (DBRS) confirmed the AAA ratings of the following outstanding series issued under the National Bank of Canada (Legislative Global Covered Bond Programme) as part of its continued efforts to provide timely credit rating opinions and increased transparency to market participants:

-- Covered Bonds, Series CBL 2
-- Covered Bonds, Series CBL 3
-- Covered Bonds, Series CBL 5
-- Covered Bonds, Series CBL 6
-- Covered Bonds, Series CBL 7
-- Covered Bonds, Series CBL 8
-- Covered Bonds, Series CBL 9
-- Covered Bonds, Series CBL10

The confirmations are based on (1) the strong legal framework assessment, (2) the National Bank of Canada’s Long-Term Issuer Rating of AA (low) and (3) cover pool assessments of at least AA (low) for AA (low)-rated issuers.

More details on the cover pool and the program are provided in the “Monthly Canadian Covered Bond Report,” which is available by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

Notes:
The principal methodology is Master Canadian Structured Finance Surveillance Methodology (May 2018), which can be found on dbrs.com under Methodologies & Criteria.

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 info@dbrs.com.

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.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this program took place on January 15, 2019, when DBRS assigned a AAA rating to the Covered Bonds, Series CBL10.

For further information on DBRS historical default rates published by the European Securities and Markets Authority (“ESMA”) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Jiani Xi, Vice President, CDN ABS Research and Surveillance
Rating Committee Chair: Tim O’Neil, Managing Director, Head of Canadian Structured Finance
Initial Rating Date: December 9, 2013

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

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