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 Ratings may be revised or withdrawn at any time by the rating agencies.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