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Tags: S&P | Canadian | Banks | Regulatory

S&P Downgrades Big Canadian Banks on Regulatory Change

Sunday, 10 August 2014 06:30 PM EDT

Canada’s six biggest banks including Toronto-Dominion Bank and Royal Bank of Canada had their outlooks cut to negative from stable by Standard & Poor’s because of regulatory changes that could affect bondholders.

“The outlook revision reflects our expectation of reduced potential for extraordinary government support arising from implementation of the proposed new elements of the resolution framework for Canadian banks,” Tom Connell, an S&P credit analyst, said in a statement today.

The other banks affected are Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Bank of Montreal and National Bank of Canada, according to the statement.

© Copyright 2024 Bloomberg News. All rights reserved.


Markets
Aug. 8 (Bloomberg) -- Canada's six biggest banks including Toronto-Dominion Bank and Royal Bank of Canada had their outlooks cut to negative from stable by Standard Poor's because of regulatory changes that could affect bondholders."The outlook revision reflects our...
S&P, Canadian, Banks, Regulatory
97
2014-30-10
Sunday, 10 August 2014 06:30 PM
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