FCDQ

AcronymDefinition
FCDQFédération des Caisses Desjardins du Québec
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The lower than peers' sustainable loan-to-value ratio and debt to income ratio results in a lower credit loss of FCDQ's cover pool.
The programme's IDR uplift is unchanged at zero notches since the Canadian bank bail-in rules announced on April 18, 2018 are not applicable to FCDQ. Should FCDQ be subject to a similar set of bail-in rules set by its provincial regulator, Fitch will reassess the IDR uplift.
The unchanged PCU of six notches reflects the 12-months liquidity protection in place allowed by the 12-month maturity extension applying to the soft bullet bonds and a dynamic reserve to cover three-month senior expenses and interest payments, which will be funded when FCDQ is rated below 'A' or 'F1'.
For FCDQ, the 'AAA' rating would be vulnerable to downgrade if any of the following occurs: (i) the issuer IDR is downgraded by six or more notches to 'BBB-' or below; or (ii) the number of notches represented by the IDR uplift, the PCU and the RU is reduced by six notches or more; or (iii) the AP that Fitch considers in its analysis increases above Fitch's 'AAA' breakeven AP.
The programme's IDR uplift is unchanged at zero notches since the Canadian bank bail-in rules, if finalized, are not applicable to FCDQ. Should FCDQ be subject to a similar set of bail-in rules set by its provincial regulator, the agency will reassess the IDR uplift.
FCDQ confirms that the AP used in the ACT will be updated to 90.5% from 91.0% in the monthly investor report of February 2018 and going forwards.
The Rating Outlook is Stable for BMO, BNS, NBC, TD and FCDQ. The Rating Outlook has been revised to Stable from Negative for RBC.
Under a formal equity maintenance agreement, FCDQ and the Ontario federation have committed to maintaining minimum Tier 1a capital at CCD of 8.0% of its risk weighted assets and its leverage ratio 50bps higher than minimum regulatory requirements.
Given this ability of FCDQ to call on its own member caisses to support CCD, Fitch's assessment is primarily based on Desjardin Group's consolidated operating performance and balance sheet, which includes: assets, liabilities and capital within the caisse network.
27, 2016, CCD announced that the boards of directors of the FCDQ and CCD convened a special meeting of their members on Nov.
When the amalgamation is complete, CCD will continue its existence within FCDQ. FCDQ will enjoy all of the rights and be liable for all of the obligations of CCD, in addition to its own rights and obligations.