DBRS Morningstar Discontinues Rating on NBC Legislative Global Covered Bonds, Series CBL9

DBRS Limited (DBRS Morningstar) discontinued its rating on the Covered Bonds, Series CBL9 (the Series) issued by National Bank of Canada (NBC) (Legislative Global Covered Bond Programme), as the Series was fully repaid.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

DBRS Morningstar notes that this press release was amended on January 7, 2021, to include a note on the date of the previous rating action. The amendment was minor and would not impact the understanding of the reader.

Notes:
The principal methodology is Rating and Monitoring Covered Bonds (April 27, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) 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 May 14, 2020, when DBRS Morningstar assigned a AAA rating to the Covered Bonds, Series CBL14.

For further information on DBRS Morningstar 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, Canadian Structured Finance
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.dbrsmorningstar.com or contact us at [email protected].

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Principal methodology: Rating and Monitoring Covered Bonds (April 27, 2020)
Link: https://www.dbrsmorningstar.com/research/360260/rating-and-monitoring-covered-bonds