Moody’s acts on Canadian banks

Moody's affirmed the P-1 short-term debt ratings of Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and National Bank of Canada.

Additionally, Scotiabank’s issuer rating was downgraded to A2 from Aa2, National Bank of Canada’s issuer rating was downgraded to A3 from Aa3, TD Bank’s issuer rating was downgraded to Aa3 from Aa1, and RBC’s issuer rating was downgraded to A2 from Aa2.

“The downgrade of the issuer ratings of TD, BNS, RBC and NBC aligns them with the most senior unsecured debt class available to that bank for issuance that is ‘plain vanilla,’” the agency said in a news release.

“In the bank's case, this is represented by the junior senior unsecured program ratings.”

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