Scotia downgraded, RBC’s outlook revised as rating agencies see risks

Two of Canada’s biggest banks have attracted the attention of credit rating agencies. Bank of Nova Scotia was downgraded one notch by Moody’s over what it calls a “shift away from the bank’s traditionally low risk appetite.”

This comes amid Scotia’s growth in credit card and auto finance activities – both of which Moody’s says are especially prone to deterioration when the economy weakness.

The move came just a few hours after Fitch revised its outlook on RBC to negative due to potential earnings volatility.


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