Moody’s Downgrades Six Large Canadian Banks

File photo shows office workers walking by a stock ticker in Toronto’s financial district. Credit rating company Moody’s Investors Service has downgraded the ratings of six of Canada’s largest financial institutions, citing concerns about rising consumer debt and high housing prices. Toronto-Dominion Bank, the only publicly traded bank that still carried Moody’s top rating of Aaa, was downgraded to Aa1. Bank of Nova Scotia and Caisse central Desjardin (the country’s largest association of credit unions) were downgraded from Aa1 to Aa2, while Bank of Montreal, Canadian Imperial Bank of Commerce, and National Bank of Canada were downgraded from Aa2 to Aa3. However, in announcing the downgrade Moody’s noted that “Canadian banks still rank amongst the highest-rated banks in our global rating universe.” (Geoff Robins/AFP/Getty Images)