DBRS Morningstar Discontinues Its Rating on Royal Bank of Canada (Global Covered Bond Programme) Covered Bonds, Series CB57

DBRS Limited (DBRS Morningstar) discontinued its rating on the Covered Bonds, Series CB57 (the Series) issued under the Royal Bank of Canada (Global Covered Bond Programme) (the Programme) as the Series was fully repaid.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance (ESG) factors 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 (May 17, 2022).

Notes:
The principal methodology applicable to the rating is Rating and Monitoring Covered Bonds (April 22, 2022; https://www.dbrsmorningstar.com/research/395642).

Other methodologies referenced in this transaction are listed at the end of this press release.

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 rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process for this rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This is a solicited credit rating.

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 April 5, 2023, when DBRS Morningstar confirmed the AAA ratings of the following outstanding series issued under the Programme as part of its continued efforts to provide timely credit rating opinions and increased transparency to market participants:

-- Covered Bonds, Series CB22
-- Covered Bonds, Series CB27
-- Covered Bonds, Series CB28
-- Covered Bonds, Series CB37
-- Covered Bonds, Series CB38
-- Covered Bonds, Series CB40
-- Covered Bonds, Series CB41
-- Covered Bonds, Series CB42
-- Covered Bonds, Series CB45
-- Covered Bonds, Series CB46
-- Covered Bonds, Series CB47
-- Covered Bonds, Series CB48
-- Covered Bonds, Series CB49
-- Covered Bonds, Series CB50
-- Covered Bonds, Series CB52
-- Covered Bonds, Series CB56
-- Covered Bonds, Series CB57
-- Covered Bonds, Series CB60
-- Covered Bonds, Series CB61
-- Covered Bonds, Series CB62
-- Covered Bonds, Series CB63
-- Covered Bonds, Series CB64
-- Covered Bonds, Series CB65
-- Covered Bonds, Series CB66
-- Covered Bonds, Series CB67
-- Covered Bonds, Series CB68
-- Covered Bonds, Series CB69
-- Covered Bonds, Series CB70
-- Covered Bonds, Series CB71
-- Covered Bonds, Series CB72
-- Covered Bonds, Series CB73
-- Covered Bonds, Series CB74
-- Covered Bonds, Series CB75
-- Covered Bonds, Series CB76
-- Covered Bonds, Series CB77
-- Covered Bonds, Series CB78
-- Covered Bonds, Series CB79
-- Covered Bonds, Series CB80
-- Covered Bonds, Series CB81
-- Covered Bonds, Series CB82
-- Covered Bonds, Series CB83
-- Covered Bonds, Series CB84
-- Covered Bonds, Series CB85

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.

For further information on DBRS Morningstar historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

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

DBRS Limited
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Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyses structured finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/278375.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].