DBRS confirms Equitable Bank

DBRS said it confirmed Equitable Bank’s long-term ratings, including its long-term issuer rating, at BBB and confirmed the bank’s subordinated debt rating at BBB (low).

In addition, the long-term ratings of Equitable Group Inc. were also confirmed at BBB (low).

The bank’s intrinsic assessment of BBB and the group’s support assessment of SA3 are unchanged.

The trend is stable.

DBRS said the confirmation recognizes Equitable’s solid and growing franchise, where the company has now garnered its position as Canada’s largest mortgage lender in the Alt-A market niche.

Furthermore, Equitable has successfully built up its online bank, EQ Bank, adding several products and services and thus attracting more direct deposits and further diversifying the company’s funding sources, the agency added.

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