Royal Bank of Canada: Credit Rating Report

On May 10, 2024, DBRS Limited (Morningstar DBRS) confirmed its credit ratings on RBC and its related entities, including RBC's Long-Term Issuer Rating of AA (high) and Short-Term Issuer Rating of R-1 (high). The trends on all credit ratings are Stable. RBC's Long-Term Issuer Rating is composed of an Intrinsic Assessment (IA) of AA and a Support Assessment of SA2, which reflect the expectation of timely systemic support from the Government of Canada (rated AAA with a Stable trend). As a result of the SA2 designation, the Bank's Long-Term Issuer Rating benefits from a one-notch uplift to the Bank's IA.