Credit Ratings

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

	Moody's⁽¹⁾	Standard & Poor's	DBRS	Fitch Ratings
Short-Term Senior Debt	P-1	A-1	R-1 (mid)	F1
Canadian Commercial Paper		A-1 (mid)
Long-Term Deposits			AA (low)
Long-Term Senior Debt	A1	A	AA (low)	A+
Subordinated Debt	Baa2	BBB+	A (high)	A
Preferred Shares	Ba1 (hyb)	P-2 (low)	Pfd-2	BBB-
NVCC Preferred Shares	Ba1 (hyb)	P-3 (high)	Pfd-2 (low)
Rating Outlook	Negative⁽²⁾	Stable	Negative⁽³⁾	Stable

(1) On May 10, 2017, Moody’s credit rating agency lowered the credit ratings for Long-Term Debt of all Canadian D-SIBs by one notch. The Bank’s credit ratings for Long-Term Senior Debt therefore moved to A1 from Aa3. The credit rating for Short-Term Senior Debt remained stable at P-1.
(2) Credit rating agency Moody’s maintained the “negative” outlook for all Canadian D-SIBs due to the pending Regulations to Implement the Bank Recapitalization (Bail-in) Regime.
(3) DBRS maintained the “negative” outlook for many Canadian D-SIBs due to the pending Regulations to Implement the Bank Recapitalization (Bail-in) Regime. The “negative” outlook applies to Long-Term Deposits, Long-Term Senior Debt and non-NVCC Subordinated Debt.

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 Ratings may be revised or withdrawn at any time by the rating agencies.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 1, 2017