Morningstar DBRS Amends the Credit Ratings Disclosed on Its Website to Reflect the Discontinuation of the Credit Rating on Industrial Alliance Insurance and Financial Services Inc.'s Preferred Shares

On July 29, 2024, DBRS Limited (Morningstar DBRS) discontinued the credit rating on the Non-Cumulative Preferred Shares of Industrial Alliance Insurance and Financial Services Inc. (the Company). Morningstar DBRS notes that discontinuation the credit rating follows the full repayment of the Company's Preferred Shares and is unrelated to the Company's credit profile. Between July 29, 2024, and February 25, 2025, the credit rating continued to incorrectly be disclosed as Confirmed on Morningstar DBRS's website. This disclosure is now corrected.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) 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 at https://dbrs.morningstar.com/research/437781 (August 13, 2024).

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

The principal methodology is the Global Methodology for Rating Insurance Companies and Insurance Organizations (September 10, 2024), https://dbrs.morningstar.com/research/439195. In addition, Morningstar DBRS uses the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024), https://dbrs.morningstar.com/research/437781 in its consideration of ESG factors.

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

The credit rating was initiated at the request of the rated entity.

The rated entity 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 the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

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

For more information on this credit or on this industry, visit https://dbrs.morningstar.com.

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