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Canadian Financial Institutions' Hybrid Capital Issue Ratings Remain Unchanged Mar 09
Standard & Poors, March 2009
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
TORONTO (Standard & Poor's) March 13, 2009--Standard & Poor's Ratings Services today said its hybrid capital issue ratings on its universe of rated Canadian financial institutions remain unchanged following a review. After reviewing our issue ratings on the hybrid capital securities of rated Canadian financial institutions, we have formed the view that our general heightened concern over the risk of payment deferral on hybrid securities prompted by the challenges financial institutions globally continue to face since the credit dislocation began, is lesser for Canadian financial institutions than for many of its global peers. Although this article focuses on the large six Canadian banks, which have been most active in the Canadian hybrid market in the past, our review covers Canadian...
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
Action: General Comment
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