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 Ratings
	Ratings	Outlook	Ratings	Outlook⁽¹⁾	Ratings	Outlook⁽²⁾	Ratings	Outlook⁽³⁾
Short-Term Senior Debt	P-1		A-1		R-1 (middle)	Stable	F1	Stable
Canadian Commercial Paper			A-1 (middle)
Long-Term Senior Debt	Aa3	Negative	A	Stable	AA (low)	Negative	A+	Stable
Subordinated Debt	Baa1	Stable	BBB+		A (high)	Negative	A	Stable
Preferred Shares	Baa3 (hyb)	Stable	P-2 (low)		Pfd-2	Stable	BBB-	Stable
Preferred Shares (NVCC)	Baa3 (hyb)	Stable	P-3 (high)		Pfd-2(low)	Stable

(1) On December 11, 2015, Standard & Poor's changed the trend on the senior debt of Canadian banks.
(2) On May 20, 2015, DBRS changed the trend on the senior and subordinated debt ratings of Canadian banks.
(3) On May 19, 2015, Fitch Ratings downgraded the Support Ratings (SRs) to "2" from "1" and revised the Support Ratings Floors (SRFs) to "BBB-" from "A-" for Canadian banks. The Long-term Issuer Default Ratings are all above the Support Rating Floors thus do not currently incorporate any government support, and reflect their standalone strengths only.

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 Ratings may be revised or withdrawn at any time by the rating agencies.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: December 14, 2015