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Bank of Nova Scotia (The) Sep 08
Standard & Poors, Sep 2008
Abstract
Strong market position in Canada Well-established international growth platform Strong and consistent earnings growth Solid risk-adjusted capital ratios Very good diversification by customer, product, and geography Risk associated with growing investments in developing and emerging markets Negative effect of currency translation on foreign earnings and accumulated other comprehensive income Relatively small wealth management operations The ratings on The Bank of Nova Scotia (Scotiabank) reflect its market position as one of five dominant universal banks in Canada, its well-established international growth platform, and a track record of generating strong and consistent earnings performance coupled with a solid capital base. Furthermore, Scotiabank is well diversified by customer, product, and geography. The increased risk associated with Scotiabank's growing investments in international banking subsidiaries...
Companies mentioned in this report are: The Bank of Nova Scotia,Montreal Trust Co.,Scotiabank Europe PLC,BNS Capital Trust,Scotiabank Capital Trust,Scotiabank Inverlat, S.A.
Action: Review
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: Full Analysis
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