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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canadian Western Bank    CWB   CA13677F1018

CANADIAN WESTERN BANK

(CWB)
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Canadian Western Bank : DBRS Morningstar Finalizes Its Provisional Rating on Canadian Western Bank's NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes at BB (high) with a Negative Trend

10/30/2020 | 06:05am EST

DBRS Limited (DBRS Morningstar) finalized its provisional rating of BB (high) with a Negative trend on Canadian Western Bank's (CWB or the Bank) NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes (the Capital Notes).

Following the review of documentation associated with the recent offering, DBRS Morningstar confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on October 23, 2020. For further details on the provisional rating, please see the DBRS Morningstar press release entitled 'DBRS Morningstar Assigns Provisional Rating of BB (high), Negative, to Canadian Western Bank's NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes.'

The Bank plans to issue $175 million of Capital Notes on October 30, 2020. The Capital Notes mature on April 30, 2081, and will have an initial five-year fixed rate of 6.00%. DBRS Morningstar notes that the Office of the Superintendent of Financial Institutions granted Tier 1 capital treatment to the Capital Notes.

RATING DRIVERS

Given the Negative trend, an upgrade is unlikely at this time. The trend could change to Stable if the impact of the current economic crisis on CWB's earnings and credit quality metrics is manageable.

Conversely, material losses in the loan portfolio as a result of the oil price shock and a longer-than-expected adverse impact of the Coronavirus Disease (COVID-19) pandemic, or significant pressures on funding and liquidity, could result in a rating downgrade.

ESG CONSIDERATIONS

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

The Grid Summary Grades for CWB are as follows: Franchise Strength - Good; Earnings Power - Good; Risk Profile - Good/Moderate; Funding & Liquidity - Strong/Good; and Capitalization - Good.

Notes:

All figures are in Canadian dollars unless otherwise noted.

The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (June 8, 2020) https://www.dbrsmorningstar.com/research/362170/global-methodology-for-rating-banks-and-banking-organisations.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found on the issuer page at www.dbrsmorningstar.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar's outlooks and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com.

DBRS Limited

DBRS Tower, 181 University Avenue, Suite 700

Toronto, ON M5H 3M7 Canada

Tel. +1 416 593-5577

Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

29-Oct-20	NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes	Provis.-Final	BB (high)	Neg	CA

ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 945 M 743 M 743 M
Net income 2021 251 M 198 M 198 M
Net Debt 2021 - - -
P/E ratio 2021 10,3x
Yield 2021 3,89%
Capitalization 2 599 M 2 045 M 2 042 M
Capi. / Sales 2021 2,75x
Capi. / Sales 2022 2,60x
Nbr of Employees 2 505
Free-Float 97,5%
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Technical analysis trends CANADIAN WESTERN BANK
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Consensus
Sell
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Mean consensus HOLD
Number of Analysts 13
Average target price 32,35 CAD
Last Close Price 29,84 CAD
Spread / Highest target 17,3%
Spread / Average Target 8,40%
Spread / Lowest Target -12,9%
EPS Revisions
Managers and Directors
NameTitle
Christopher H. Fowler President, CEO & Non-Independent Director
Robert Lawrence Phillips Chairman
Vladimir Ahmad Senior Vice President-Operations & Transformation
R. Matthew Rudd Chief Financial Officer & Executive Vice President
Darrell Robert Jones Chief Information Officer & Executive VP
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