UPDATE 2-Moody's cuts ratings of six Canadian lenders

Mon Jan 28, 2013 5:44pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Cuts five of Canada's top six banks

* Cites concerns with housing sector, economy, consumer debt

* Lenders put on credit watch in October

* RBC, which was downgraded in June, excluded

* Bank shares rise in spite of cut

By Cameron French

Jan 28 (Reuters) - Moody's Investors Service has cut the ratings of six Canadian financial institutions, including the previously "Aaa" rated Toronto-Dominion Bank, due to concerns about rising consumer debt and high housing prices.

TD, the only publicly traded bank that still carried Moody's top rating, was downgraded, along with Bank of Nova Scotia , Canadian Imperial Bank of Commerce, Bank of Montreal, National Bank of Canada and Caisse Central Desjardins, Canada's largest association of credit unions, Moody's said on Monday.

The cuts, which were widely anticipated after Moody's put the lenders on credit watch in October, were all by one notch.   Continued...