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Rating Action:

Moody's takes actions on Canadian banks following the Banks methodology update

16 Jul 2018

NOTE: On July 18, 2018, the press release was corrected as follows: In the list of affected credit ratings, under Toronto-Dominion Bank (The), the sixth line was removed. Revised release follows.

Toronto, July 16, 2018 -- Moody's Investors Service ("Moody's) has taken various rating actions on the deposits, long-term debt and Counterparty Risk Assessments (CRAs) of The Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC) and National Bank of Canada (NBC) and their affiliates. The outlook on the relevant ratings was changed to stable from negative. Moody's also upgraded these banks' ratings for contractually convertible subordinated debt (Junior Subordinated Debt). In addition, Moody's has assigned provisional ratings to the bail-in debt (Junior Senior Unsecured program rating) to be issued by the Canadian banks commencing September 23, 2018. The foregoing rating actions follow the introduction of a bank resolution framework in Canada.

In today's updated Banks rating methodology , Moody's formally designated Canada as an operational resolution regime (ORR) jurisdiction, where going-concern resolution is part of the public policy framework. Going forward, Moody's will adopt the advanced loss given failure (LGF) framework, which it applies to ORR jurisdictions, to evaluate Canadian banks' liabilities. As detailed in the methodology, the LGF approach assesses the relative loss severity of various rated debt classes in the event of a bank's failure.

In addition to designating Canada as ORR and the related rating actions, Moody's also assigned Counterparty Risk Ratings (CRR) to the above mentioned banks. Moody's CRRs are opinions on the ability of entities to honor the uncollateralized portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honored. CRR liabilities typically relate to transactions with unrelated parties. Examples of CRR liabilities include the uncollateralized portion of payables arising from derivatives transactions and the uncollateralized portion of liabilities under sale and repurchase agreements.

Upgrades:

..Issuer: Royal Bank of Canada

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

.... Long-term Issuer Rating, Upgraded to Aa2, stable, from A1, negative

....Junior Subordinated Regular Bond/Debenture, Upgraded to Baa1 (hyb) from Baa2 (hyb)

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

....Junior Subordinate MTN, Upgraded to (P)Baa1 from (P)Baa2

....Senior Unsecured Shelf, Upgraded to (P)Aa2 from (P)A1

.... Junior Subordinate Shelf, Upgraded to (P)Baa1 from (P)Baa2

.... Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa2, stable, from A1, negative

.... Long-term Deposit Rating, Upgraded to Aa2, stable, from A1, negative

..Issuer: Royal Bank of Canada (London Branch)

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

.... Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa2, stable, from A1, negative

..Issuer: Royal Bank of Canada (New York)

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

.... Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

.... Long-term Deposit Rating, Upgraded to Aa2, stable, from A1, negative

..Issuer: Royal Bank of Canada (Sydney Branch)

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa2, stable, from A1, negative

..Issuer: Royal Trust Corporation of Canada

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

.... Long-term Deposit Rating, Upgraded to Aa2, stable, from A1, negative

..Issuer: Toronto-Dominion Bank (The)

....Long-term Issuer Rating, Upgraded to Aa1, stable, from Aa2, negative

....Junior Subordinated Regular Bond/Debenture, Upgraded to A2 (hyb) from A3 (hyb)

....BACKED Subordinate MTN, Upgraded to (P)A2 from (P)A3

....Senior Unsecured MTN, Upgraded to (P)Aa1 from (P)Aa2

....BACKED Senior Unsecured MTN, Upgraded to (P)Aa1 from (P)Aa2

.... Deposit Note/CD Program, Upgraded to (P)Aa1 from (P)Aa2

.... Deposit Note/CD Program, Upgraded to Aa1, stable, from Aa2, negative

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa1, stable, from Aa2, negative

....Long-term Deposit Rating, Upgraded to Aa1, stable, from Aa2, negative

..Issuer: TD North America L.P.

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa1, stable, from Aa2, negative

..Issuer: Toronto Dominion Bank (London)

....Senior Unsecured MTN, Upgraded to (P)Aa1 from (P)Aa2

.... Deposit Note/CD Program, Upgraded to (P)Aa1 from (P)Aa2

..Issuer: Toronto Dominion Global Finance

.... BACKED Senior Unsecured MTN, Upgraded to (P)Aa1 from (P)Aa2

..Issuer: Toronto-Dominion Bank, New York Branch

....Long-term Deposit Rating, Upgraded to Aa1, stable, from Aa2, negative

..Issuer: Bank of Nova Scotia

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

....Long-term Issuer Rating, Upgraded to Aa2, stable, from A1, negative

....Junior Subordinated Regular Bond/Debenture, Upgraded to Baa1 (hyb) from Baa2 (hyb)

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

....Junior Subordinate MTN, Upgraded to (P)Baa1 from (P)Baa2

.... Senior Unsecured Shelf, Upgraded to (P)Aa2 from (P)A1

.... Junior Subordinate Shelf, Upgraded to (P)Baa1 from (P)Baa2

.... Deposit Note/CD Program, Upgraded to (P)Aa2 from (P)A1

....Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa2, stable, from A1, negative

....Long-term Deposit Rating, Upgraded to Aa2, stable, from A1, negative

..Issuer: Bank of Nova Scotia Australia Branch

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa2, stable, from A1, negative

..Issuer: Bank of Nova Scotia, Houston Branch

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

....Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

..Issuer: Bank of Nova Scotia, New York Agency

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

.... Long-term Issuer Rating, Upgraded to Aa2, stable, from A1, negative

..Issuer: Montreal Trust Company of Canada

.... Deposit Note/CD Program, Upgraded to (P)Aa2 from (P)A1

....Long-term Deposit Rating, Upgraded to Aa2, stable, from A1, negative

..Issuer: Scotiabank Europe Plc

....BACKED Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

..Issuer: National Bank of Canada

.... Long-term Issuer Rating, Upgraded to Aa3, stable, from A1, negative

....Junior Subordinated Regular Bond/Debenture, Upgraded to Baa2 (hyb) from Baa3 (hyb)

....Senior Unsecured MTN, Upgraded to (P)Aa3 from (P)A1

....BACKED Senior Unsecured MTN, Upgraded to (P)Aa3 from (P)A1

.... Senior Unsecured Shelf, Upgraded to (P)Aa3 from (P)A1

.... Deposit Note/CD Program, Upgraded to Aa3, stable, from A1, negative

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa3, stable, from A1, negative

....BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Aa3, stable, from A1, negative

....Long-term Deposit Rating, Upgraded to Aa3, stable, from A1, negative

..Issuer: National Bank of Canada (London)

.... Deposit Note/CD Program, Upgraded to Aa3, stable, from A1, negative

....Senior Unsecured MTN, Upgraded to (P)Aa3 from (P)A1

..Issuer: Canadian Imperial Bank of Commerce

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

....Junior Subordinated Regular Bond/Debenture, Upgraded to Baa1 (hyb) from Baa2 (hyb)

.... Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

....Senior Unsecured Regular Bond/Debenture , Upgraded to Aa2, stable, from A1, negative

....Long-term Deposit Rating, Upgraded to Aa2, stable, from A1, negative

....Senior Unsecured Shelf, Upgraded to (P)Aa2 from (P)A1

..Issuer: Canadian Imperial Bank of Commerce, New York

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

.... Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

..Issuer: CIBC World Markets plc

....BACKED long-term Deposit Rating, Upgraded to Aa2, stable, from A1, negative

..Issuer: Bank of Montreal

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

....Junior Subordinated Regular Bond/Debenture, Upgraded to Baa1 (hyb) from Baa2 (hyb)

.... Senior Unsecured Shelf, Upgraded to (P)Aa2 from (P)A1

.... Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

....Senior Unsecured MTN, Upgraded to (P)Aa2 from (P)A1

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa2, stable, from A1, negative

....Long-term Deposit Rating, Upgraded to Aa2, stable, from A1, negative

..Issuer: Bank of Montreal, Chicago Branch

.... Long-term Counterparty Risk Assessment, Upgraded to Aa2(cr) from Aa3(cr)

.... Deposit Note/CD Program, Upgraded to Aa2, stable, from A1, negative

Affirmations:

..Issuer: Royal Bank of Canada

.... Commercial Paper, Affirmed P-1

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-term Deposit Rating, Affirmed P-1

....Other Short Term, Affirmed (P)P-1

.... Subordinate MTN, Affirmed (P)Baa1

.... Subordinate Shelf, Affirmed (P)Baa1

.... Pref. shelf Non-cumulative, Affirmed (P)Baa3

.... Pref. Stock Non-cumulative, Affirmed Baa3 (hyb)

....Subordinate Regular Bond/Debenture, Affirmed Baa1

..Issuer: RBC (Barbados) Trading Bank Corporation

.... Long-term Issuer Rating, Affirmed A3, stable

.... Short-term Issuer Rating, Affirmed P-2

..Issuer: RBC Capital Trust

....Pref. Stock Non-cumulative, Affirmed Baa3 (hyb)

..Issuer: Royal Bank of Canada (London Branch)

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

....Other Short Term, Affirmed (P)P-1

.... Subordinate MTN, Affirmed (P)Baa1

..Issuer: Royal Bank of Canada (New York)

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-term Deposit Rating, Affirmed P-1

....Other Short Term, Affirmed (P)P-1

..Issuer: Royal Bank of Canada (Sydney Branch)

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Commercial Paper, Affirmed P-1

....Other Short Term, Affirmed (P)P-1

..Issuer: Royal Trust Corporation of Canada

.... Short-term Deposit Rating, Affirmed P-1

..Issuer: Toronto-Dominion Bank (The)

.... Long-term Counterparty Risk Assessment, Affirmed Aa1(cr)

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-term Deposit Rating, Affirmed P-1

....Subordinate MTN, Affirmed (P)A2

....Other Short Term, Affirmed (P)P-1

....BACKED Other Short Term, Affirmed (P)P-1

....Pref. Stock Non-cumulative, Affirmed Baa1 (hyb)

....Subordinate Regular Bond/Debenture, Affirmed A2

....Commercial Paper, Affirmed P-1

..Issuer: TD Capital Trust III

....Junior Subordinated Regular Bond/Debenture, Affirmed Baa1 (hyb)

..Issuer: TD Capital Trust IV

....Pref. Stock, Affirmed Baa1 (hyb)

..Issuer: Toronto Dominion Bank (London)

.... Long-term Counterparty Risk Assessment, Affirmed Aa1(cr)

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

....Subordinate MTN, Affirmed (P)A2

....Other Short Term, Affirmed (P)P-1

.... Deposit Note/CD Program, Affirmed (P)P-1

....Commercial Paper, Affirmed P-1

..Issuer: Toronto Dominion Global Finance

....BACKED Other Short Term, Affirmed (P)P-1

..Issuer: Toronto Dominion Holdings (U.S.A.), Inc.

.... BACKED Commercial Paper, Affirmed P-1

..Issuer: Toronto-Dominion Bank, New York Branch

....Long-term Counterparty Risk Assessment, Affirmed Aa1(cr)

....Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

..Issuer: Bank of Nova Scotia

.... Commercial Paper, Affirmed P-1

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-term Deposit Rating, Affirmed P-1

....Subordinate Shelf, Affirmed (P)Baa1

.... Pref. shelf, Affirmed (P)Baa3

.... Pref. shelf Non-cumulative, Affirmed (P)Baa3

....Pref. Stock Non-cumulative, Affirmed Baa3 (hyb)

....Subordinate Regular Bond/Debenture, Affirmed Baa1

....Other Short Term, Affirmed (P)P-1

..Issuer: Bank of Nova Scotia, Houston Branch

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

..Issuer: Bank of Nova Scotia, New York Agency

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

..Issuer: Montreal Trust Company of Canada

.... Short-term Deposit Rating, Affirmed P-1

..Issuer: Scotiabanc Inc.

.... BACKED Commercial Paper, Affirmed P-1

..Issuer: Scotiabank Capital Trust

....Pref. Stock Non-cumulative, Affirmed Baa3 (hyb)

..Issuer: National Bank of Canada

....Long-term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-term Deposit Rating, Affirmed P-1

....Other Short Term, Affirmed (P)P-1

....Subordinate MTN, Affirmed (P)Baa2

.... .Subordinate Shelf, Affirmed (P)Baa2

.... Pref. shelf, Affirmed (P)Ba1

.... Pref. shelf Non-cumulative, Affirmed (P)Ba1

....Pref. Stock Non-cumulative, Affirmed Ba1 (hyb)

....Subordinate Regular Bond/Debenture, Affirmed Baa2

.... Commercial Paper, Affirmed P-1

..Issuer: National Bank of Canada (London)

....Long-term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

....Other Short Term, Affirmed (P)P-1

..Issuer: National Bank of Canada, New York Branch

....Long-term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Commercial Paper, Affirmed P-1

..Issuer: NBC Asset Trust

....Pref. Stock Non-cumulative, Affirmed Ba1 (hyb)

..Issuer: Canadian Imperial Bank of Commerce

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-term Deposit Rating, Affirmed P-1

....Other Short Term, Affirmed (P)P-1

....Subordinate MTN, Affirmed (P)Baa1

....Subordinate Shelf, Affirmed (P)Baa1

....Pref. shelf Non-cumulative, Affirmed (P)Baa3

....Pref. Stock Non-cumulative, Affirmed Baa3 (hyb)

....Subordinate Regular Bond/Debenture, Affirmed Baa1

.... Commercial Paper, Affirmed P-1

..Issuer: Canadian Imperial Bank of Commerce, New York

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

....Short-term Deposit Rating, Affirmed P-1

..Issuer: Canadian Imperial Holdings, Inc.

....BACKED Commercial Paper, Affirmed P-1

..Issuer: CIBC Capital Trust

....Pref. Stock, Affirmed Baa3 (hyb)

..Issuer: CIBC World Markets plc

....BACKED short-term Deposit Rating, Affirmed P-1

..Issuer: Bank of Montreal

.... Commercial Paper, Affirmed P-1

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-term Deposit Rating, Affirmed P-1

.... Subordinate MTN, Affirmed (P)Baa1

.... Pref. shelf Non-cumulative, Affirmed (P)Baa3

.... Subordinate Shelf, Affirmed (P)Baa1

....Pref. Stock Non-cumulative, Affirmed Baa3 (hyb)

.... Other Short Term, Affirmed (P)P-1

..Issuer: Bank of Montreal, Chicago Branch

.... Short-term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Commercial Paper, Affirmed P-1

..Issuer: BMO Capital Trust II

....Pref. Stock, Affirmed Baa3 (hyb)

Assignments:

..Issuer: Royal Bank of Canada

.... Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

....Junior Senior Unsecured MTN, Assigned (P)A2

..Issuer: Royal Bank of Canada (London Branch)

.... Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: Royal Bank of Canada (New York)

.... Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: Royal Bank of Canada (Sydney Branch)

.... Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: Toronto-Dominion Bank (The)

.... Long-term Counterparty Risk Rating, Assigned Aa1

.... Short-term Counterparty Risk Rating, Assigned P-1

....Junior Senior Unsecured MTN, Assigned (P)Aa3

..Issuer: Toronto Dominion Bank (London)

.... Long-term Counterparty Risk Rating, Assigned Aa1

.... Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: Toronto-Dominion Bank, New York Branch

.... Long-term Counterparty Risk Rating, Assigned Aa1

.... Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: Bank of Nova Scotia

.... Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

....Junior Senior Unsecured MTN, Assigned (P)A2

..Issuer: Bank of Nova Scotia, Houston Branch

.... Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: Bank of Nova Scotia, New York Agency

.... Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: National Bank of Canada

....Long-term Counterparty Risk Rating, Assigned Aa3

....Short-term Counterparty Risk Rating, Assigned P-1

....Junior Senior Unsecured MTN, Assigned (P)A3

..Issuer: National Bank of Canada (London)

....Long-term Counterparty Risk Rating, Assigned Aa3

....Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: National Bank of Canada, New York Branch

....Long-term Counterparty Risk Rating, Assigned Aa3

....Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: Canadian Imperial Bank of Commerce

....Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

....Junior Senior Unsecured MTN, Assigned (P)A2

..Issuer: Canadian Imperial Bank of Commerce, New York

....Long-term Counterparty Risk Rating, Assigned Aa2

.... Short-term Counterparty Risk Rating, Assigned P-1

..Issuer: Bank of Montreal

....Long-term Counterparty Risk Rating, Assigned Aa2

....Short-term Counterparty Risk Rating, Assigned P-1

....Junior Senior Unsecured MTN, Assigned (P)A2

..Issuer: Bank of Montreal, Chicago Branch

....Long-term Counterparty Risk Rating, Assigned Aa2

....Short-term Counterparty Risk Rating, Assigned P-1

Outlook Actions:

..Issuer: Royal Bank of Canada

....Outlook, Changed To Stable From Negative

..Issuer: RBC (Barbados) Trading Bank Corporation

....Outlook, Remains Stable

..Issuer: Royal Bank of Canada (London Branch)

....Outlook, Changed To Stable From Negative

..Issuer: Royal Bank of Canada (New York)

....Outlook, Changed To Stable From Negative

..Issuer: Royal Bank of Canada (Sydney Branch)

....Outlook, Changed To Stable From Negative

..Issuer: Royal Trust Corporation of Canada

....Outlook, Changed To Stable From Negative

..Issuer: TD North America L.P.

....Outlook, Changed To Stable From Negative

..Issuer: Toronto Dominion Bank (London)

....Outlook, Changed To Stable From Negative

..Issuer: Toronto Dominion Global Finance

....Outlook, Changed To Stable From Negative

..Issuer: Toronto-Dominion Bank (The)

....Outlook, Changed To Stable From Negative

..Issuer: Toronto-Dominion Bank, New York Branch

....Outlook, Changed To Stable From Negative

..Issuer: Bank of Nova Scotia

....Outlook, Changed To Stable From Negative

..Issuer: Bank of Nova Scotia Australia Branch

....Outlook, Changed To Stable From Negative

..Issuer: Bank of Nova Scotia, Houston Branch

....Outlook, Changed To Stable From Negative

..Issuer: Bank of Nova Scotia, New York Agency

....Outlook, Changed To Stable From Negative

..Issuer: Montreal Trust Company of Canada

....Outlook, Changed To Stable From Negative

..Issuer: Scotiabank Europe Plc

....Outlook, Changed To Stable From Negative

..Issuer: National Bank of Canada

....Outlook, Changed To Stable From Negative

..Issuer: National Bank of Canada (London)

....Outlook, Changed To Stable From Negative

..Issuer: National Bank of Canada, New York Branch

....Outlook, Changed To Stable From Negative

..Issuer: Canadian Imperial Bank of Commerce

....Outlook, Changed To Stable From Negative

..Issuer: Canadian Imperial Bank of Commerce, New York

....Outlook, Changed To Stable From Negative

..Issuer: CIBC World Markets plc

....Outlook, Changed To Stable From Negative

..Issuer: Bank of Montreal

....Outlook, Changed To Stable From Negative

..Issuer: Bank of Montreal, Chicago Branch

....Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Long-Term Ratings

The rating actions follow the introduction of a bank resolution framework in Canada. Moody's advanced LGF framework assesses the potential impact of a bank's failure on its various debt classes and deposits in the absence of any government support, taking into account the subordination of more junior liabilities and the volume of each class of liabilities. https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1121155.

Moody's expects that Canada's legislation will enable authorities to achieve orderly resolution of a failed bank. It also provides a reasonable degree of clarity on how the bank's failure could affect depositors and other creditors. The introduction of resolution rules in Canada gives regulators the authority to impose explicit burden-sharing on holders of long term senior unsecured debt issued by the six large Canadian banks after Sept 23, 2018. This "bail-in debt", which we refer to as junior senior debt, will be convertible into common shares at the point of non-viability (PONV) as determined by the Office of the Superintendent of Financial Institutions (OSFI).

In applying Moody's advanced LGF analysis, we have taken into account banks' expected issuance of junior senior debt instruments in the forward-looking advanced LGF analysis to the point in time when the majority of the existing stock of legacy long-term senior unsecured debt has been refinanced with the new bail-in debt. Under the Canadian resolution framework, legacy long-term debt is explicitly grandfathered from bail-in.

Moody's has lowered its expectation of the Canadian government's likelihood of supporting its banks. However, the impact of diminished expectation of government support for banks' deposits, legacy long-term senior unsecured debt and other senior obligations is more than offset by a decline in expected losses under Moody's advanced LGF framework based on the subordination of junior creditors under the going concern resolution in a forward looking basis.

Junior Subordinated Debt

Moody's has also upgraded by one notch the ratings of contractually convertible subordinated debt (the junior subordinated debt) issued by BMO, BNS, CIBC, NBC, RBC and TD. The ratings on these instruments are now aligned to those of subordinated debt. It is our view that the regulators are unlikely to differentiate between contractual non-viability securities and those without a contractual loss feature (dated subordinated debt) when resolving banks according to its newly introduced framework.

Counterparty Risk Ratings

In assigning Counterparty Risk Ratings (CRRs) to Canadian banks, Moody's considered the banks subject to this rating action will be resolved through an Operational Resolution Regime. In Canada, we expect the uncollateralized portion of non-debt counterparty financial liabilities (CRR obligations) will receive preference relative to junior senior creditors given the desire of government authorities to ensure the continuity of a failing bank's operations. For that reason, CRR obligations in Canada are positioned pari passu with deposits and other obligations.

Outlooks

The change in outlook to stable from negative reflects the fact that upon implementation of Canada's new resolution regime and introduction of bail-in rules Moody's has lowered its expectation of government support to banks' deposits and senior debt. The previous negative outlook had anticipated this development.

The stable outlook also incorporates the stabilizing effect that recent macro prudential measures and rising interest rates have had on housing prices in Canada's major urban areas, helping to ease pressure on household finances.

What could change the rating up/down

Bank of Montreal

Upward rating pressure would emerge if the bank significantly reduced its reliance upon capital markets earnings or reduced its exposure to non-mortgage Canadian consumer debt as percentage of total Canadian consumer loans. Downward rating pressure could emerge if the bank significantly increased its reliance upon capital markets operations as measured by revenue contribution in excess of 25%, increased market risk exposures as measured by VaR, significantly increased income contribution from the US operations or increased exposure to non-mortgage Canadian consumer debt.

Bank of Nova Scotia

Upward rating pressure would emerge if the bank reduced its exposure to less well secured Canadian consumer debt. Downward rating pressure could emerge if the bank significantly increased exposure to credit card and auto finance portfolios, substantially increased its reliance on earnings from international operations or experienced unexpected profitability erosion or control problems in international operations.

Canadian Imperial Bank of Commerce

Upward rating pressure would emerge if the bank reduced its relatively high exposure to Canadian consumer debt or significantly reduced its reliance upon capital markets earnings. Downward rating pressure could emerge if the bank significantly increased its reliance upon capital markets earnings, increased exposure to less well-secured Canadian consumer debt or experienced risk management and governance failures that result in increased earnings volatility.

National Bank of Canada

Upward rating pressure would emerge if the bank reduced its relatively high exposure to less well-secured Canadian consumer debt or significantly reduced its reliance upon capital markets earnings. Downward rating pressure could emerge if the bank significantly increased its reliance upon capital markets earnings, increased exposure to less well-secured Canadian consumer debt or experienced risk management and governance failures that result in increased earnings volatility.

Royal Bank of Canada

Upward rating pressure would emerge if the bank reduced its relatively high exposure to less well-secured Canadian consumer debt or significantly reduced its reliance upon capital markets earnings. Downward rating pressure could emerge if the bank experienced a significant deterioration in the domestic operating environment, a significant increase in loan or trading losses, a significant change in business mix or increased capital allocation towards the Capital Markets business or material regulatory, compliance or risk management failures.

Toronto-Dominion Bank (The)

Upward rating pressure would emerge if the bank reduced its exposure to less well secured Canadian consumer debt. Downward rating pressure could emerge if the bank significantly increased reliance upon capital markets earnings, significantly increased income contribution from US operations, increased exposure to unsecured Canadian consumer debt or experienced risk management and governance failures that result in increased earnings volatility.

The principal methodology used in these ratings was Banks published in July 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

The person who approved RBC (Barbados) Trading Bank Corporation, Royal Bank of Canada, Royal Bank of Canada (London Branch), Royal Bank of Canada (New York), Royal Bank of Canada (Sydney Branch), and Royal Trust Corporation of Canada credit ratings is Ana Arsov, MD - Financial Institutions, Financial Institutions Group, (212) 553 0376, (212) 553 1653. The person who approved Bank of Montreal, Bank of Montreal, Chicago Branch, Bank of Nova Scotia, Bank of Nova Scotia Australia Branch, Bank of Nova Scotia, Houston Branch, Bank of Nova Scotia, New York Agency, BMO Capital Trust II, Canadian Imperial Bank of Commerce, Canadian Imperial Bank of Commerce, New York, Canadian Imperial Holdings, Inc., CIBC Capital Trust, CIBC World Markets plc, Montreal Trust Company of Canada, National Bank of Canada, National Bank of Canada (London), National Bank of Canada, New York Branch, NBC Asset Trust, RBC Capital Trust, Scotiabanc Inc., Scotiabank Capital Trust, Scotiabank Europe Plc, TD Capital Trust III, TD Capital Trust IV, TD North America L.P., Toronto-Dominion Bank, New York Branch, Toronto Dominion Bank (London), Toronto-Dominion Bank (The), Toronto Dominion Global Finance, and Toronto Dominion Holdings (U.S.A.), Inc. credit ratings is M. Celina Vansetti-Hutchins, MD - Banking, Financial Institutions Group, (212) 553 0376, (212) 553 1653.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

David Beattie
Senior Vice President
Financial Institutions Group
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

M. Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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