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On March 15, 2019, DBRS Limited (DBRS) upgraded the long-term and short-term ratings of HCG and the long-term ratings of HTC. The trends on all ratings have been revised to Positive from Stable, with the exception of the trends on HCG’s short-term ratings, which remain Stable. The rating actions and Positive trends reflect DBRS’s recognition of the speed of the progress made by HCG in restoring market confidence, stabilizing its performance and regaining its position in the mortgage finance industry. The Group has taken strides to repair relationships with brokers and regain some of its lost market share as it emerged from its liquidity crisis in 2017. Furthermore, HCG has secured more traditional sources of liquidity and has reduced its funding costs. Importantly, with asset quality remaining strong, the Group has returned to a full year of profitability. However, DBRS notes that as the Group continues to rebuild, changing dynamics in the Canadian mortgage market are making the industry more competitive and putting pressure on margins.