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(4) Fitch(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 Positive Stable

(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 July 29, 2019, DBRS Limited (DBRS) changed the trend on all ratings of National Bank of Canada and its related entities
     to Positive from Stable.
(5) 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+.

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 Ratings may be revised or withdrawn at any time by the rating agencies.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: January 17, 2020