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Fixed Income Quarterly—Outlook
Data Tables
Sector Rating
and Corporate Rankings
Table 5.1 Corporate Value Rankings
Relative Value 5-Years
---------------------Technical---------------------|------BMO View------
Relative Value 10-Years
--------------------Technical-------------------------BMO View-----
Relative Value 30-Years
--------------------Technical-------------------------BMO View-----
Implied Credit Indicative Implied Rating
Issuer
Implied Credit Rating
Issuer
Implied
Credit Issuer Rating Value
Value
Average Spread Spread From Value on Spread Spread From Value on Spread Spread From Value on
Indicative
Indicative
Implied
Value
Implied
Credit Rating
for for Rating Indicative within 31-Mar-14 Category Spread Sector
plus = Strong, blank = Average, minus = Weak
Market Perform
Credit Curve
+ + + + + +
+ + + + + +
for for Rating Indicative 31-Mar-14 Category Spread
Market Perform
na na na 119 113 AA- 119 113 AA- na na na na na na na na na
Market Perform
na na na na na na na na na na na na na na na na na na
Market Perform
164 A 164 A- 164 BBB+ 176 BBB 176 BBB 189 BBB 176 BBB+
Market Perform
113 A+ 126 A- 126 A
Underperform
99 126 AA 101 139 AA 104 139 AA 100 126 AA na na na 102 126 AA 109 151 AA- 106 126 AA
Market Perform
100 139 AA 103 139 AA 96 101 AA
Market Perform
within Credit Sector Curve
na na
na na na na na na
na na na na na na na na na na na na
+ +
+
+ + + + + +
+ na na +
+ +
+
for for Rating Indicative 31-Mar-14 Category Spread
Market Perform
within Credit Sector Curve
Banks (Deposit Note spreads) - Market Perform TD Bank AA Royal Bank AA- Bank of Montreal AA- Scotiabank AA- National Bank A+ CIBC AA-
Banks (Sub Debt spreads) - Market Perform
TD Bank A+ Royal Bank A Bank of Montreal A Scotiabank A National Bank A- CIBC A
Communications - Outperform
TELUS Corp. BBB+ Bell Canada BBB+ Rogers Communications BBB+ Cogeco Cable BBB Manitoba Telecom BBB Shaw Communications BBB- Bell Aliant BBB
Insurance - Market Perform
Great-West LifeCo AA- Manulife Financial A+ Sun Life Financial A+
Gas and Electric Utilities - Underperform
Hydro One A+ Enbridge Gas Distribution A AltaLink LP A CU Inc. A+ FortisAlberta A- Toronto Hydro A+ Union Gas A- Gaz Metro inc. A+
Infrastructure - Market Perform
GTAA A 407 International A NAV CANADA (Senior) AA
Pipelines - Market Perform
Enbridge Pipelines A Enbridge Inc. A- TransCanada PipeLines A-
REITs - Outperform
Calloway REIT BBB First Capital Realty BBB+ H&R REIT BBB RioCan REIT BBB
Retail - Underperform
Loblaw BBB Metro BBB Canadian Tire BBB+
Source: BMO Capital Markets
74 64 78 75 76 75 78 75 79 86 76 75
AA- - AA- + AA- + AA- + AA- + AA- +
na na na na na na na na na na na na
na na na na na na na na na na na na na na na na na na
Market Perform
94 86 A 97 96 A 97 96 A 98 96 A 107 107 A- 99 96 A
Market Perform
na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na
Outperform
199 190 BBB + 189 190 BBB+ + 207 190 BBB +
na na na na na na na na na na 241 223 BBB- +
238 207 BBB- +
Market Perform
151 125 A
na na na na na na na na na na
Underperform
129 141 AA- + 128 157 AA- + 132 157 AA- + 131 141 AA-
132 174 AA- + 132 141 AA-
137 174 A+
131 141 AA-
Market Perform
129 157 AA- + + 131 157 AA- + 125 108 AA- +
Market Perform
130 157 AA-
154 174 A + 142 174 A+
NA
Outperform
100 118 106 118 114 118 na na 119 128 123 139 122 128
A + 143
A- 150 BBB+ 161 na 173 BBB+ 181 BBB + + 173 BBB+ + 168
Market Perform
89 75 A+ 130 104 86 A- + + 155 92 86 A + 143
Underperform
66 86 AA + 66 96 AA + 70 96 AA + 68 86 AA
72 107 AA- 69 86 AA 80 107 AA- 73 86 AA-
Market Perform
67 96 AA
70 96 AA + 64 64 AA
Market Perform
67 96 AA
92 107 A + 74 107 AA-
Outperform
143 128 BBB-
131 118 BBB + 157 128 BBB-
136 128 BBB- -
Underperform
108 128 A- + 113 128 BBB+
103 139 AA
130 151A++ + 110 151 AA- +
Outperform
188 176 178 164 205 176 181 176
+
BBB- + BBB + + BBB- + BBB - +
na na na na na na na na na
na na
na na
na na
na na na na na
NA
Underperform
195 207 BBB+ + + 215 207 BBB- + 195 190 BBB+
159 176
na na na na na
BBB+
95 118A nanana na na