DBRS Finalizes Provisional Rating on Canadian Western Bank’s Non-Viability Contingent Capital Subordinated Debt at BBB (low), Stable

DBRS Limited (DBRS) finalized its provisional rating of BBB (low) with a Stable trend on Canadian Western Bank’s (rated A (low) with a Stable trend by DBRS) Non-Viability Contingent Capital (NVCC) Subordinated Debt.

Following the review of documentation associated with the recent offering, DBRS has confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on June 4, 2019. For further details on the provisional rating, please see the DBRS press release entitled “DBRS Assigns Provisional Rating to Canadian Western Bank’s Non-Viability Contingent Capital Subordinated Debt of BBB (low), Stable.”

The aggregate gross proceeds from the NVCC Subordinated Debt totalled $250 million. Proceeds from the issuance will be used for general business purposes and is eligible to count as Tier 2 capital.

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

The applicable methodology is Global Methodology for Rating Banks and Banking Organisations (July 2018), which can be found on our website under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found on the issuer page at www.dbrs.com.

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

For more information on this credit or on this industry, visit www.dbrs.com.

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