Moody's Downgrades Ratings For 6 Canadian Banks
Moody's Investors Service has downgraded the long-term ratings of six Canadian banks.
The banks affected include: Bank of Montreal, Bank of Nova Scotia, CIBC, TD Bank, Caisse centrale Desjardins, and National Bank of Canada.
The long-term senior debt ratings of the six banks were all downgraded by one notch.
Moody's says the downgrade reflects ongoing concerns about the banks' exposure to the ``increasingly indebted Canadian consumer,'' while elevated housing prices have left the banks ``more vulnerable to unpredictable downside risks facing the Canadian economy than in the past.''