DBRS assigns RBC tier 1 notes A(low)

DBRS said it assigned a provisional rating of A (low) with a stable trend to Royal Bank of Canada’s NVCC additional tier 1 limited recourse capital notes.

DBRS assigned the rating equal to the bank’s intrinsic assessment of AA less four rating notches, which is consistent with the agency’s standard notching for capital instruments with contingent risks and its ratings for the bank’s NVCC preferred shares, DBRS said. This rating is one notch below the rating of RBC’s NVCC subordinated debt.

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