DBRS assigns NBC notes BBB

DBRS said it assigned a provisional rating of BBB with a stable trend to the National Bank of Canada’s non-viability contingent capital additional tier 1 limited recourse capital notes.

“DBRS Morningstar assigned the rating equal to the bank’s intrinsic assessment of A (high) less four rating notches, which is consistent with DBRS Morningstar’s standard notching for capital instruments with contingent risks and its ratings for the bank’s NVCC preferred shares. The provisional rating for the capital notes is one notch below the rating of National’s NVCC subordinated debt,” the agency said in a press release.

DBRS said the Office of the Superintendent of Financial Institutions granted tier 1 capital treatment to the notes.

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