Innovation Receives Solid Rating from DBRS Morningstar

DBRS Morningstar has once again assigned a Short-Term Issuer and a Short-Term Instruments rating of R- 1 (low), with Stable trends, to Innovation Credit Union. The rating reflects Innovation’s solid franchise and benefits to its membership.

“To have DBRS Morningstar not only recognize Innovation’s financial strength, but also the benefits we offer our members is incredibly reaffirming,” says Innovation CFO Sheldon Hess. Innovation CEO Daniel Johnson agrees. “Our Responsible Banking™ guiding philosophy is being recognized by a highly reputable global credit rating agency,” Johnson says. “This rating is such a meaningful indicator of Innovation’s strong financial position and member-focused stance as we near becoming a federally regulated credit union.”

DBRS Morningstar has 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).

For further details on the credit rating, visit DBRS’s website: www.dbrsmorningstar.com.