Toronto, November 01, 2016 -- Moody's Investors Service today assigned a long-term issuer rating of Aa2, a Baseline Credit Assessment (BCA) of a1 and an adjusted Baseline Credit Assessment of a1 to the Fédération des caisses Desjardins du Québec (the Fédération), reflecting the fundamental credit strength of the Desjardins Group. The outlook on the Fédération's long-term issuer rating is negative, reflecting Moody's view that the balance of risk relating to government support for Canadian banks has shifted to the downside. Today's rating action follows the Fédération's announcement that it intends to amalgamate Caisse centrale Desjardins (Aa2, negative) into the Fédération, transferring all of Caisse centrale Desjardins' obligations to the Fédération on 1 January 2017, subject to appropriate member and regulatory approvals.
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