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$95.22+0.31(+0.33%)
- Toronto-Dominion Bank$65.52+0.31(+0.48%)
- Bank of Montreal$96.84+0.26(+0.27%)
- Canadian Imperial Bank of Commerce$109.29+0.36(+0.33%)
- Bank of Nova Scotia$78.38+0.16(+0.20%)
- National Bank of Canada$56.28+0.22(+0.39%)
- Updated July 20 2:42 PM EDT. Delayed by at least 15 minutes.