Tuesday, 25 July 2017 09:58

DBRS gives a positive credit rating to Innovation Credit Union

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The Dominion Bond Rating Service (DBRS) has assigned a Short-Term Issuer and a Short-Term Instruments rating of R-1 (low) to Innovation Credit Union with a Stable trend.

 

This rating indicates Innovation’s overall organizational strength, with mention of its successful co-operative nature.
“We wanted to have a reputable and established third-party credit rating agency evaluate us as part of our long-term strategy and in conjunction with Innovation becoming a federally-regulated credit union,” says Innovation CEO Dan Johnson. “DBRS is an international rating agency with over 40 years of experience so to have them give us such a positive rating is a wonderful signal to us and our members of the success and strength of our organization.”
DBSR is a globally recognized credit rating agency with vast financial industry knowledge, specifically on the Canadian credit union system. The agency assesses overall credit union strength based on franchise strength, earnings power, risk profile, funding and liquidity, and capitalization (structure and adequacy).
Innovation’s Board of Directors decided in May 2016 to pursue becoming a federally-regulated credit union by the year 2020. Becoming federally-regulated allows Innovation to promote products and services to new members outside of Saskatchewan and makes it easier to maintain a relationship with members who may leave the province.
The federalization process will take a few years and requires the approval of Innovation’s members followed by federal and provincial regulators. The vote on this proposal is in November of this year.
For further details on the credit rating, visit DBRS’s website: www.dbrs.com
For more information, contact Innovation CEO Dan Johnson at This email address is being protected from spambots. You need JavaScript enabled to view it. .
Learn more about Innovation becoming a federal credit union at
www.voteyesinnovation2020.ca.
About Innovation: With locations throughout Southwest and North Central Saskatchewan, Innovation
Credit Union provides a full range of financial services to over 49,000 members including individuals,
businesses, and organizations across the province. Credit Union Deposit Guarantee Corporation
guarantees all credit union deposits in Saskatchewan.

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