Credit Ratings

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

  Moody's Standard & Poor's DBRS(6) Fitch(4)(5)
Short-Term Debt P-1 A-1 R-1 (mid) F1+
Canadian Commercial Paper   A-1 (mid)    
Long-Term Deposits Aa3   AA (low) AA-
Long-Term Non Bail-inable Senior Debt(1) Aa3 A AA (low) AA-
Senior Debt(2) A3 BBB+ A (high) A+
Subordinated Debt Baa2 BBB+ A A-
NVCC Subordinated Debt Baa2 (hyb) BBB BBB (high)  
NVCC Preferred Shares Ba1 (hyb) P-3 (high) Pfd-2 (low)  
Counterparty Risk(3) Aa3/P-1     AA-
Covered Bonds Programme Aaa   AAA AAA
Outlook Stable Stable Stable Negative

(1) Includes Senior Debt issued prior to September 23, 2018 and Senior Debt issued on or after September 23, 2018
     which is excluded from the Bank Recapitalization (Bail-in) Regime.
(2) Subject to conversion under the Bank Recapitalization (Bail-in) Regime.
(3) Moody's terminology is Counterparty Risk Rating while Fitch's terminology is Derivative Counterparty Rating.
(4) On January 17, 2020, Fitch Ratings upgraded NBC’s Legacy Senior Debt, Derivative Counterparty Rating and Long-Term
     Deposit ratings to AA-. In addition, it also upgraded NBC’s Short-Term Debt rating to F1+.
(5) On April 3, 2020, Fitch Ratings revised its outlook from stable to negative due to the disruption to economic activity
     and financial markets from the coronavirus pandemic.
(6) On April 30, 2020, DBRS Limited (DBRS) revised its outlook from positive to stable due to the disruption to economic activity
     and financial markets from the coronavirus pandemic.. 

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 Ratings may be revised or withdrawn at any time by the rating agencies.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: May 1, 2020