DBRS Morningstar Discontinues Its Rating on Royal Bank of Canada (Global Covered Bond Programme) Covered Bonds, Series CB21

DBRS Limited (DBRS Morningstar) discontinued its rating on the Covered Bonds, Series CB21 (the Series) issued under the Royal Bank of Canada (Global Covered Bond Programme) (the Programme) as the Series was fully repaid.

ESG CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929.

Notes:
The principal methodology is Rating and Monitoring Covered Bonds (April 22, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

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 for use in the United Kingdom, and by DBRS Ratings GmbH for use in the European Union, respectively. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on the Programme took place on June 9, 2022, when DBRS Morningstar assigned a rating of AAA to the Covered Bonds, Series CB75 issued under the Programme.

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. DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage: https://www.fca.org.uk/firms/credit-rating-agencies.

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: October 8, 2007

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 22, 2022)
Link: https://www.dbrsmorningstar.com/research/395642