Morningstar DBRS Confirms Long-Term Credit Ratings on Canada Post Corporation and Other Canadian Agents of the Crown at AAA, Stable Trends

DBRS Limited (Morningstar DBRS) confirmed Canada Post Corporation's (CPC) Long-Term Debt credit rating and Canada Mortgage and Housing Corporation's (CMHC) All Debt Securities, Cdn Currency (bsd on Gov't Cda), credit rating at AAA. Morningstar DBRS also confirmed Business Development Bank of Canada's (BDC) and Export Development Canada's (EDC) long-term credit ratings at AAA and their short-term credit ratings at R-1 (high). In addition, Morningstar DBRS confirmed Farm Credit Canada's (FCC) short-term credit rating at R-1 (high). All trends are Stable.

CREDIT RATING RATIONALE
Morningstar DBRS considers that these Canadian agents of the Crown benefit from explicit support arrangements from the Government of Canada (rated AAA with Stable Trends). The credit ratings are underpinned by (1) the status of these entities as agents of the Crown and wholly owned corporations of the Government of Canada; (2) the debt issued by the Crown agents ranks equally in respect of payment out of the Consolidated Revenue Fund with all other unsecured and unsubordinated securities issued by the Government of Canada; (3) the fact that borrowing activities are authorized by the Government of Canada; and (4) Morningstar DBRS' belief that the Government of Canada has sufficient capacity and willingness to support the Crown agents. Morningstar DBRS views the Canadian government's commitment toward these Crown agents as credible, thanks to the strong institutional environment in Canada.

The Stable trend mirrors the Stable trend on the credit ratings of Canada and reflects Morningstar DBRS's view that the Crown agents will continue to benefit from explicit support arrangements from the Canadian government.

CREDIT RATING DRIVERS
Morningstar DBRS would downgrade the credit ratings if there were a change in legislation affecting the above-mentioned entities' status as agents of the Crown or if the Government of Canada's credit ratings were downgraded.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (July 20, 2026), https://dbrs.morningstar.com/document/485522.

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

Morningstar DBRS applied the following principal methodology:
-- Global Methodology for Rating Government-Related Entities (February 13, 2026), https://dbrs.morningstar.com/research/474099

Morningstar DBRS credit ratings may use one or more sections of the Morningstar DBRS Global Corporate Criteria (December 19, 2025), https://dbrs.morningstar.com/research/470156, which covers, for example, topics such as holding companies and parent/subsidiary relationships, guarantees, recovery, and common adjustments to financial ratios.

The following methodology has also been applied:
-- Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (July 20, 2026), https://dbrs.morningstar.com/document/485522.

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

A description of how Morningstar DBRS analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/431153.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

CPC's credit rating was initiated at the request of the rated entity. CPC or its related entities did participate in the credit rating process for this credit rating action. Morningstar DBRS had access to the accounts, management, and other relevant internal documents of CPC in connection with this credit rating action. The credit rating on CPC is a solicited credit rating.

The credit ratings on BDC, CMHC, EDC, and FCC were not initiated at the request of the rated entities. BDC, CMHC, EDC, and FCC did not participate in the credit rating process for these credit rating actions. Morningstar DBRS did not have access to the accounts, management, and other relevant internal documents of BDC, CMHC, EDC, and FCC in connection with these credit rating actions. The credit ratings on BDC, CMHC, EDC, and FCC are unsolicited credit ratings.

For more information on Morningstar DBRS' policy regarding the solicitation status of credit ratings, please refer to the Credit Ratings Global Policy, which can be found in the Morningstar DBRS Understanding Ratings section of the website: https://dbrs.morningstar.com/understanding-ratings

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS trends and credit ratings are under regular surveillance.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on https://dbrs.morningstar.com or contact us at [email protected].

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