Market Chatter: Sector Update: Financial - Moody's Changes Outlook to Negative on Canadian Banks' Supported Ratings


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Moody's Investors Service on Wednesday said it revised its outlook downward on certain debt and deposit ratings of Canada's largest banks, following the Canadian government's plans to implement a "bail-in" regime to avoid a taxpayer-funded bailout in the event of a financial crisis, Reuters reported.

The U.S.-based credit ratings agency reportedly said it revised its outlook to "negative" from "stable," on the supported senior debt and uninsured deposit ratings of the banks, which include Royal Bank of Canada (RY.TO, RY), Toronto-Dominion Bank (TD.TO, TD) and Bank of Nova Scotia (BNS.TO, BNS), as well as Bank of Montreal (BMO.TO, BMO), Canadian Imperial Bank of Commerce (CM.TO, CM) and National Bank of Canada (NA.TO).

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