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S&P cuts outlook on 7 Canadian banks
To the shock and awe of many Canadians who were told repeatedly that we were the gold standard of International banking and that our banks were "safe".
"Ratings agency Standard & Poor’s has revised its outlook downwards on seven Canadian financial institutions, citing high housing prices and consumer debt. S&P affirmed the ratings for Bank of Nova Scotia, Central 1 Credit Union, Home Capital Group Inc., Laurentian Bank of Canada, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank, but in each case it cut its outlook from stable to negative."
PS. "Central1 Credit Union", isn't really a credit union, it is an entity that represents several dozen credit unions in BC and Ontario provinces.
PPS. We only have about 6 large banks in all of Canada (TD, RBC, Scotia, National, CIBC, Montreal) + a couple of hundred small credit unions (averaging about 10 branches each, with only a handful have 50-100). 4 of these 6 big banks (each with over 1,000 branches) were downgraded. In other words, some ~60%+ of Canada's financial institutions have just been downgraded!
To the shock and awe of many Canadians who were told repeatedly that we were the gold standard of International banking and that our banks were "safe".
"Ratings agency Standard & Poor’s has revised its outlook downwards on seven Canadian financial institutions, citing high housing prices and consumer debt. S&P affirmed the ratings for Bank of Nova Scotia, Central 1 Credit Union, Home Capital Group Inc., Laurentian Bank of Canada, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank, but in each case it cut its outlook from stable to negative."
PS. "Central1 Credit Union", isn't really a credit union, it is an entity that represents several dozen credit unions in BC and Ontario provinces.
PPS. We only have about 6 large banks in all of Canada (TD, RBC, Scotia, National, CIBC, Montreal) + a couple of hundred small credit unions (averaging about 10 branches each, with only a handful have 50-100). 4 of these 6 big banks (each with over 1,000 branches) were downgraded. In other words, some ~60%+ of Canada's financial institutions have just been downgraded!
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