Moody's has dropped the hammer on the country's biggest banks - downgraded their credit ratings amid high housing prices and record levels of consumer debt. Moody's also singled out the TD Bank - taking away its triple-A rating on worries about the increasing size of its U.S. operations. The other banks affected were the Bank of Nova Scotia, Bank of Montreal, CIBC, National Bank of Canada, and Caisse Centrale Desjardins. The Royal Bank was spared a downgrade, but it was rated in June of 2012. While Moody's still considers the Canadian banking sector among the strongest in the world, it said "the Canadian banking system would be not quite as resilient as it has in the past because of the high leverage levels of Canadian consumers."
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