Moody’s rates RBC tier 1 notes Baa3

Moody’s Investors Service assigned a Baa3 (hyb) rating to Royal Bank of Canada’s issuance of additional tier 1 structure limited recourse notes.

“The rating on the AT1 structure limited recourse notes is positioned three notches below the a3 adjusted baseline credit assessment (adjusted BCA) of RBC, in accordance with Moody’s standard additional notching guidance for contractual nonviability perpetual securities. The assigned rating is aligned with the rating level at which we would rate the securities to which the noteholders have recourse in the event of non-payment by RBC of interest or principal on the notes,” Moody’s said in a press release.

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