Covered Bonds, Series CBL1
Covered Bonds, Series CBL2
The confirmation is based on the following analytical considerations:
A
A Legal and Structuring Framework (LSF) assessment of Strong associated with the Program.
A Cover Pool Credit Assessment of AA (low).
An LSF-Implied Likelihood (LSF-L) of AA.
A two-notch uplift from the LSF-L for high recovery prospects to achieve the
A level of overcollateralization (OC) of 15.0% (based on the Asset Percentage of 87.0% as at
ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS
There were no Environmental/Social/Governance 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 (
Notes:
The principal methodology applicable to the rating is Rating and Monitoring Covered Bonds (
Other methodologies referenced in this transaction are listed at the end of this press release.
The DBRS
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 info@dbrsmorningstar.com.
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.
Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.
More details on the
This rating is endorsed by
The last rating action on the Program took place on
For further information on DBRS Morningstar historical default rates published by the
Lead Analyst:
Rating Committee Chair:
Initial Rating Date:
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.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
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