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Moody's Cuts Ratings on Big 6 Canadian Banks
[Photo: Toronto at Dusk, grammagroup.com]
Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Bank of Nova Scotia (Scotia), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC) and Royal Bank of Canada (RBC) had their long-term debt and deposit ratings lowered one level by Moody’s Investment Service on concerns that over-indebted consumers and high housing prices have left lenders vulnerable to potential losses on assets. Moody's also cut its counterparty risk assessment for the firms, excluding TD Bank.
Moody’s cited ballooning private-sector debt that amounted to 185% of Canada’s GDP at the end of 2016, while house prices have climbed despite efforts by policy makers to cool the market. In particular, prices in Toronto and Vancouver have soared on the backs of strong economies, limited supply and foreign demand.
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