S&P rates Desjardins debentures BBB+

S&P said it assigned its BBB+ rating to the Federation des caisses Desjardins du Quebec's tier 2 non-viability contingent capital proposed subordinated debentures (due 2030).

The issuer credit rating on Federation des caisses Desjardin du Quebec, the core issuing entity of the Desjardins Group, is A+ with a stable outlook.

“Should a trigger event occur (as defined by the Quebec regulator Autorite des Marches Financiers [AMF]), each outstanding debenture will automatically and immediately be converted, without the holder's consent, into a number of fully paid class Z shares of FCDQ, determined in accordance with a conversion formula,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.