DBRS confirms Vancouver City

DBRS said it confirmed the short-term instruments rating of Vancouver City Savings Credit Union at R-1 (low) with a stable trend.

The rating remains supported by the relatively low-risk base business, which primarily focuses on providing consumer financial services, with an emphasis on residential mortgage lending funded by core deposits, the agency said.

Vancity's rating is further strengthened by reasonable market penetration in its core market of the greater Vancouver area and southern Vancouver Island, the agency added.

The ratings consider that while improvements have been made, the Credit Union continues to have a high cost structure, DBRS noted.

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