Summary: Export Development Canada Jan 11

Standard & Poors, January 2011

Abstract
The ratings on Export Development Canada's (EDC) debt issues reflect Standard & Poor's Ratings Services' opinion of the following factors: EDC's status as an agent Crown corporation (agent of Her Majesty in right of Canada); The Government of Canada's (AAA/Stable/A-1+) 100% ownership in it; and The provision that its debt constitutes a direct obligation of the Canadian government and is a charge on, and payable out of, the central government's Consolidated Revenue Fund (CRF). Although EDC normally services debt from its own resources, its obligations are full faith and credit obligations of the Government of Canada, with access to the CRF ensuring timeliness of debt service. Because of this, we have equalized the ratings on EDC's debt (both short- and...

Companies mentioned in this report are: Export Development Canada ,Canada
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Export Development Canada ,Canada

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