National Bank of Canada's C$500 Million Senior Resolution Notes Rated 'BBB+'

TORONTO (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings today said it assigned its 'BBB+' issue-level rating to National Bank of Canada's (A/Stable/A-1) C$500 million five-year, fixed-rate senior resolution notes. We understand the structure and its provisions meet regulatory requirements for inclusion in National Bank's total loss-absorbing capacity (TLAC). The issue also meets our criteria for inclusion in our own measure of additional loss-absorbing capacity (ALAC), as we expect any future redemption would be, effectively, subject to regulatory approval. Our approach to rating National Bank's senior resolution notes is consistent with our approach to rating senior subordinated notes being issued by peer banks in jurisdictions where we view resolution regimes as effective. This issuance comes after Canadian regulators finalized their

...TORONTO (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings today said it assigned its '###+' issue-level rating to National Bank of Canada's (A/Stable/A-1) C$500 million five-year, fixed-rate senior resolution notes. We understand the structure and its provisions meet regulatory requirements for inclusion in National Bank's total loss-absorbing capacity (TLAC). The issue also meets our criteria for inclusion in our own measure of additional loss-absorbing capacity (ALAC), as we expect any future redemption would be, effectively, subject to regulatory approval. Our approach to rating National Bank's senior resolution notes is consistent with our approach to rating senior subordinated notes being issued by peer banks in jurisdictions where we view resolution regimes as effective. This issuance comes after Canadian regulators finalized their approach to TLAC and convertible senior (bail-in) bank debt, applicable only to domestic systemically important banks (DSIBs) in April 2018, with...

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