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
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 Limited Recourse Capital Notes Ba1 (hyb) BB+ BBB  
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 April 30, 2021, DBRS Limited (DBRS) revised its outlook from stable to positive. 

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 Ratings may be revised or withdrawn at any time by the rating agencies.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: April 30, 2021