DBRS on March 1 upgraded the long-term ratings of Toronto-based Home Capital Group Inc. and confirmed ratings of unit Home Trust Co.
Home Capital's long-term issuer and senior debt ratings were raised to B, 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 confirmed at BB (low). The company's short-term issuer and instruments ratings were confirmed at R-4.
Home Capital lost its position as Canada's "largest Alternative-A mortgage provider" after declaring a reduction in its third-quarter 2017 net income. The newmanagement newis expected to "develop an articulated strategy for the future" for Home Capital in the second quarter.
The trends on all ratings are "stable."
