Laurentian Bank of Canada's Additional Tier 1 Structure Limited Recourse Capital Notes Rated 'BB-'

TORONTO (S&P Global Ratings) April 30, 2021--S&P Global Ratings today said it assigned its 'BB-' issue-level rating to Laurentian Bank of Canada's (LBC; BBB/Stable/A-2) Canadian dollar-denominated additional Tier I structure limited recourse capital notes. Under this structure, a trust has been established where the bank is the sole beneficiary. Investors of the notes will have recourse only to the assets held by the trust. At the same time, S&P Global Ratings assigned its 'BB-' issue-level rating to the bank's preferred shares, which will reside in the trust. In accordance with our criteria for hybrid and other capital instruments, the rating reflects our analysis of the proposed instrument, and our assessment of LBC's 'bbb' stand-alone credit profile (SACP). The 'BB-' issue

...April 30, 2021 TORONTO (S&P Global Ratings) April 30, 2021--S&P Global Ratings today said it assigned its '##-' issue-level rating to Laurentian Bank of Canada's (LBC; ###/Stable/A-2) Canadian dollar-denominated additional Tier I structure limited recourse capital notes. Under this structure, a trust has been established where the bank is the sole beneficiary. Investors of the notes will have recourse only to the assets held by the trust. At the same time, S&P Global Ratings assigned its '##-' issue-level rating to the bank's preferred shares, which will reside in the trust. In accordance with our criteria for hybrid and other capital instruments, the rating reflects our analysis of the proposed instrument, and our assessment of LBC's '###' stand-alone credit profile (SACP). The '##-' issue rating is four 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;...

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