Toronto– Standard & Poor’s Ratings Services today assigned ‘AA-’ long-term and ‘A-1+’ short-term counterparty credit ratings to Manulife Bank of Canada with a stable outlook. These Standard & Poor’s ratings are the second independent ratings for Manulife Bank and are similar to those received by the highest rated banks in the country.
According to Standard & Poor’s, their ratings reflect Manulife Bank’s close integration into the Manulife group, low-risk residential real estate portfolio as well as a demonstrated favourable credit loss record. Standard & Poor’s also points to Manulife Bank’s “remarkable (organic) growth in both top- and bottom-line profitability in the past six years, mainly driven by strong corresponding asset growth” and “diversification of product and delivery channels.” Additionally, Manulife Bank’s “very lean cost structure” results from its ongoing focus on efficiency, allowing it to return high value to the customer while maintaining excellent profitability.
“We are very pleased to receive this credit rating for Manulife Bank, which is derived from our record of success and strategic importance of the Bank to Manulife’s operations,” said Roman Fedchyshyn, President and CEO of Manulife Bank. “We offer Canadians a better way to bank, and these ratings from Standard & Poor’s further recognize the service and security clients can expect from us.”
Manulife Bank is also rated by Dominion Bond Rating Service with an R-1 (middle) for its short-term deposits and AA (low) for its long-term deposits.
About Manulife Bank of Canada
Manulife Financial established Manulife Bank of Canada in 1993 as the first federally regulated bank to be opened by a life insurance company following Canada’s financial reform legislation of 1992.
Manulife Bank was created to support the sale of the parent’s core products and assist financial advisors in providing fully integrated financial plans to their clients. Manulife Bank is able to offer their clients a unique suite of Bank products including high interest, low fee deposit accounts, Canada’s first all-in-one mortgage account (Manulife One), and market-leading investment loans. Today, Manulife Bank is Canada’s eighth largest domestic bank with total assets of more than $8 billion, serving clients across Canada in all provinces and territories. To see Manulife Bank’s most recent financial statement, visit the OSFI website at www.osfi-bsif.gc.ca.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$381 billion (US$341 billion) as at September 30, 2006.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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