Saskatchewan – Concentra, a national co-operative financial services association, has been assigned by DBRS an Issuer Rating of A (low) with confirmation of short-term instruments at R-1 (low). The A (low) rating is a positive evaluation and signifies that Concentra has good credit quality with substantial capacity to meet its financial obligations.
“We are pleased with the long term debt rating and overall assessment of Concentra by DBRS,” says Ron Friesen, Chief Financial Officer. “It further demonstrates the financial strength and stability of the company as we continue to make strides to diversify funding avenues, enhance asset quality and improve our liquidity management,” explains Friesen.
The long-term rating from DBRS also represents the strength of Concentra’s relationship with Canada’s credit unions. Concentra serves over 80% of credit unions and continues to expand its reach across Canada with its national wholesale and trust solutions. With a long-term debt rating, Concentra will have the opportunity to enhance its funding sources and expand its slate of wholesale solutions for credit unions. Concentra leverages its federal powers to operate in the capital markets and offer national wholesale solutions to credit unions that support the growth and diversification of their business.
“We are committed to credit union success and will continue to use strong financial discipline to build a strong, viable company that can support the future of the credit union system,” says Friesen.
Visit DBRS for more information on long and short-term debt ratings.
Concentra is a federally-regulated financial institution with over $33 billion in assets under administration including over $7 billion in on-balance sheet assets. It provides wholesale and trust solutions to credit unions across Canada while operating with a broad set of federal powers with access to regulatory capacity and national networks.
Concentra stands strong behind credit unions delivering national solutions and market expertise that improve their financial performance, diversify risk and deliver services to their local members. Currently serving over 80% of Canada’s credit unions, Concentra continues to expand its reach as Canada’s primary national credit union solutions provider.
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Tracy Laschilier, Manager, Communications