DBRS Assigns Provisional Rating to Canadian Western Bank’s Non-Viability Contingent Capital Subordinated Debt of BBB (low), Stable

DBRS Limited (DBRS) assigned a provisional rating of BBB (low) with a Stable trend to Canadian Western Bank’s (the Bank) Non-Viability Contingent Capital (NVCC) Subordinated Debt (the NVCC Subordinated Debt).

DBRS assigned the NVCC Subordinated Debt a rating equal to that of the Bank’s Intrinsic Assessment less three rating notches, as the NVCC Subordinated Debt has only an Office of the Superintendent of Financial Institutions (OSFI)-compliant NVCC trigger, which is consistent with the OSFI requirements for NVCC instruments, and no additional triggers.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Global Methodology for Rating Banks and Banking Organisations (July 2018), which can be found on our website 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 on the issuer page at www.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.

Lead Analyst: Maria-Gabriella Khoury, Senior Vice President, Global FIG
Rating Committee Chair: Michael Driscoll, Managing Director, Head of NA FIG, Global FIG

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

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