Are the world’s bank watchers re-evaluating their long love affair with Canadian financial institutions?
It certainly appears that way, if the latest downbeat assessment from Moody’s Investors Service is anything go by.
The big bond-rating agency has changed its outlook on Canada’s banking system to negative from stable on the grounds Ottawa has no appetite to bail out too-big-to-fail institutions using taxpayers’ money in the event of a crisis. Instead, the government is proceeding with a so-called bail-in strategy that could force bondholders to shoulder part of the burden of any future restructuring.Report Typo/Error
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- Royal Bank of Canada$94.55-0.36(-0.38%)
- Toronto-Dominion Bank$65.63-0.41(-0.62%)
- Bank of Montreal$98.73-0.31(-0.31%)
- Canadian Imperial Bank of Commerce$111.99-0.55(-0.49%)
- Bank of Nova Scotia$76.83+0.03(+0.04%)
- National Bank of Canada$54.31-0.05(-0.09%)
- Updated April 21 4:00 PM EDT. Delayed by at least 15 minutes.