DBRS Morningstar confirms rating on First West Credit Union at BBB (high), Stable trend

LANGLEY, B.C. – DBRS Limited (DBRS Morningstar) has confirmed a Long-Term Issuer Rating of BBB (high) and both a Short-Term Issuer Rating and a Short-Term Instruments Rating of R-1 (low) for First West Credit Union, noting that the trend on all ratings is Stable.

The ratings reflect First West’s position as the third-largest credit union in B.C. and the fifth-largest in Canada, with total assets and assets under management of $17.4 billion as at June 30, 2022. They also indicate the credit union’s well-established market position and diversified product suite through its community-based regional brands, Envision Financial, Valley First, Enderby and District Financial and Island Savings. Notably, the report highlights First West’s strong earnings power, as well as solid liquidity and capital positions. The Credit Union has generated solid recurring earnings that are underpinned by a higher contribution from non-interest income compared with its credit union peers.

Importantly, the ratings also mention the continued economic disruption caused by the COVID-19 pandemic and First West’s desire to grow and gain access to markets beyond B.C. by becoming federally regulated.

“As we continue to navigate one of the more difficult economic periods in recent memory, we are encouraged that First West’s financial strength and stability continue to put us in a position to garner strong credit ratings,” says Mark Moreland, Chief Financial Officer at First West Credit Union. “Our membership can be assured by this rating and know that as we continue to work towards becoming a federally regulated credit union, First West will remain focused on leveraging our solid financial position to create a stronger and more sustainable future for our members and communities.”

For more information on this rating, visit:

Company Information

About First West Credit Union

First West Credit Union offers members the financial strength, comprehensive product selection and extended branch network of a large financial institution while maintaining local brand identities and a unique grassroots approach to service. Led by Launi Skinner, First West is one of Canada’s largest credit unions with nearly $18.6 billion in total assets and assets under administration, more than 253,000 members and approximately 1,250 team members. It operates 45 branches throughout the province under the Envision Financial, Valley First, Island Savings and Enderby & District Financial brands. Visit for more information on First West Credit Union.

Media Contacts

Josh Juhlke

Communications Manager
c: 604.309.6066