Credit Ratings

The table below details the ratings assigned to National Bank's outstanding securities by the following credit rating organizations.

  Moody's Standard & Poor's DBRS Fitch 
Short-Term Senior Debt P-1 A-1 R-1 (mid) F1
Canadian Commercial Paper   A-1 (mid)    
Long-Term Deposits Aa3   AA (low)  
Long-Term Senior Debt Aa3 A AA (low) A+
Subordinated Debt Baa2 BBB+ A (high) A
NVCC Subordinated Debt Baa2 (hyb) BBB BBB (high)  
NVCC Preferred Shares Ba1 (hyb) P-3 (high) Pfd-2 (low)  
Counterparty Risk Rating Aa3/P-1      
Covered Bonds Programme Aaa   AAA AAA
Rating Outlook Stable Stable Stable Stable

Credit ratings must not be construed as recommendations to purchase, sell or hold securities of the Bank. Ratings may not reflect the potential impact of all risks. Ratings may be revised or withdrawn at any time by the rating agencies.

Update: July 23, 2018