Laurentian Bank of Canada C$350 Million NVCC Subordinated Debt Rated 'BB+'

TORONTO (S&P Global Ratings) June 15, 2017--S&P Global Ratings today said it assigned its 'BB+' rating to Laurentian Bank of Canada's (LBC) C$350 million nonviability contingent capital subordinated debt issue. The issuer credit rating on LBC is BBB/Negative/A-2. The rating reflects our analysis of the proposed instrument in accordance with our criteria for hybrid and other capital instruments, and our assessment of LBC's 'bbb' stand-alone credit profile (SACP). (For more information, see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect.) The 'BB+' issue rating stands two notches below LBC's SACP, incorporating: A deduction of one notch, the minimum downward notching from the SACP under our criteria for subordinated debt, reflecting contractual subordination;

...TORONTO (S&P Global Ratings) June 15, 2017--S&P Global Ratings today said it assigned its '##+' rating to Laurentian Bank of Canada's (LBC) C$350 million nonviability contingent capital subordinated debt issue. The issuer credit rating on LBC is ###/Negative/A-2. The rating reflects our analysis of the proposed instrument in accordance with our criteria for hybrid and other capital instruments, and our assessment of LBC's '###' stand-alone credit profile (SACP). (For more information, see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect.) The '##+' issue rating stands two notches below LBC's SACP, incorporating: + A deduction of one notch, the minimum downward notching from the SACP under our criteria for subordinated debt, reflecting contractual subordination; and + A deduction of an additional notch to reflect that this subordinated debt issue features a contingent conversion trigger. Should a trigger event...

Ratings Action