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Canadian Banking Industry Outlook 2008: Resilient Fundamentals Should Support The Banks' Performance Nov 07
Standard & Poors, Nov 2007
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Standard & Poor's Ratings Services believes that the Canadian banking industry enters 2008 with solid fundamentals and a greater capacity for loss absorption than in the last cycles, as the Canadian banks have fortified their balance sheets by further building capital in conjunction with developing enterprise risk management practices and diversification techniques during the past decade. Stable core earnings power, robust capital, and sound liquidity further position the banks for increasing industry credit risks and earnings volatility. Although the Canadian banks are recording marked-to-market write-downs on structured products related to the U.S. residential mortgage subprime issues and nonbank sponsored asset-backed commercial paper (ABCP) in Canada, their exposures are more limited than that of the U.S. and European global banks and...
Companies mentioned in this report are: Royal Bank of Canada,Toronto-Dominion Bank (The),Bank of Montreal,Bank of Nova Scotia (The),Canadian Imperial Bank of Commerce,National Bank of Canada
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