S&P rates Caisses Desjardins du Quebec notes A-

S&P said it assigned its A- issue-level rating to Federation des Caisses Desjardins du Quebec’s senior resolution notes.

FCDQ issued C$1 billion of this bail-in-eligible senior debt, which will mature in five years on Oct. 1.

“This bail-in issuance comes after the Autorite des marches financiers (AMF), the province of Quebec’s regulator of financial markets including deposit institutions, finalized its approach to TLAC and senior (bail-in) debt, applicable to financial services cooperatives including FCDQ on March 20, 2019, with conversion regulations that came into force March 31, 2019,” said S&P in a press release.

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