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January 28, 2013
13:42 EDTTD, BNS, RY, NTIOF, BMO, RBC, CMMoody's cuts six Canadian banks, including Bank of Montreal, CIBC
Moody's downgraded the long-term ratings of six Canadian banks concluding its review initiated on October 26. 2012. The long-term senior debt ratings of the banks were all downgraded by one notch. The rating agency also removed systemic support from the ratings of all rated Canadian banks' subordinated debt instruments, including those issued by Royal Bank of Canada (RY). RBC's other ratings were affirmed. The downgrades include Bank of Montreal (BMO) to Aa3 stable from Aa2 for long-term deposits, Bank of Nova Scotia (BNS) to Aa2 stable from Aa1 for long-term deposits, Canadian Imperial Bank (CM) to downgraded to Aa3 stable from Aa2 for long-term deposits, National Bank of Canada (NTIOF) to Aa3 stable from Aa2 for long-term deposits, and Toronto-Dominion (TD) to Aa1 stable from Aaa for long-term deposits.
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