(September 3 – 09:10 ET) – Moody’s Investors Service is confirming its ratings on Canada Mortgage and Housing Corp., noting that its stable outlook reflects Moody’s opinion on Canada overall.
Moody’s rates CMHC at Aa1, its Canadian dollar senior unsecured debt rates at Aa1, its foreign currency-denominated senior unsecured debt is rated Aa2, and its commercial paper is rated Prime-1.
It says the ratings are based on CMHC’s strong financial position, its “focused governance framework”, and the fact that it is a Crown corporation. Moody’s says CMHC is becoming more efficient, and is working well with the private sector too.
CMHC has a $3 billion commercial paper program, underwritten by CIBC World Markets inc., RBC Dominion Securities Inc. and the Toronto-Dominion Bank.
-IE Staff
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