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DBRS upgrades Home Capital Group ratings

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DBRS upgrades Home Capital Group ratings

DBRS on Nov. 21 upgraded the long-term ratings of Toronto-based lender Home Capital Group Inc. and subsidiary Home Trust Co.

Home Capital's long-term issuer and senior debt ratings were raised to B (low), while its short-term issuer and instruments ratings were confirmed at R-5.

Home Trust's long-term issuer, deposits and senior debt ratings were raised to BB (low); its short-term issuer and instruments were upgraded to R-4.

The upgrades reflect the hiring of executives "who were able to restore market confidence" and stabilize deposit and liquidity levels. That said, Home Capital's ability to return originations and market share to historical levels is expected to take a while.

The trends on all ratings are "stable," after being placed "under review with positive implications" in August.