DBRS Morningstar Confirms Ratings on Canadian Agents of the Crown at AAA

DBRS Limited (DBRS Morningstar) confirmed the AAA long-term ratings and R-1 (high) short-term ratings of the following Canadian Agents of the Crown: Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Export Development Canada, and Farm Credit Canada. DBRS Morningstar also confirmed the AAA Long-Term Debt rating of Canada Post Corporation. All trends are Stable. The rating actions follow DBRS Morningstar’s confirmation of the Government of Canada’s AAA long-term ratings and R-1 (high) short-term ratings on March 27, 2020.

RATING DRIVERS
A negative rating action could result from a change in legislation affecting the entities’ statuses as Agents of the Crown or from a downgrade of the Government of Canada’s ratings.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodology is Global Methodology for Government Related Entities (March 10, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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 ratings of Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Export Development Canada, and Farm Credit Canada were not initiated at the request of the rated entities.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of Canada Post Corporation in connection with this rating action. DBRS Morningstar did not have access to the accounts and other relevant internal documents of Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Export Development Canada, and Farm Credit Canada in connection with this rating action.

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

DBRS Morningstar will publish a full report shortly that will provide additional analytical detail for Canada Post Corporation. If you are interested in receiving this report, contact us at info@dbrsmorningstar.com.

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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