Moody’s Ratings is a leading global provider of credit ratings, research, and risk analysis. A rating from Moody’s Ratings may enable Canadian issuers to create timely, go-to-market debt strategies with the ability to capture wider investor focus and provides investors with a comprehensive view of global and local debt markets through our credit ratings and research. Moody’s Ratings trusted insights can help decision-makers in Canada to navigate through turmoil and market volatility.
As demand continues to grow across Canada for independent analysis of sustainable financing frameworks, Moody’s Ratings is here to support issuers, arrangers, and investors. Our market‑innovating Second Party Opinions (SPOs) on green, social, sustainability, and sustainability‑linked bonds and loans provide clear, independent insight into the sustainability impact of financing frameworks and instruments, as well as their alignment with evolving market standards. With a strong understanding of the Canadian sustainable finance landscape, we help bring confidence and transparency to sustainable financing in the Canadian market.
The first such framework for assigning deposit ratings to fiat-backed stablecoins, evaluating reserve asset quality, segregation, and liquidity globally.
Leading AI research labs will face intensifying competition, while acute shortages of leading-edge chips and computing capacity are causing bottlenecks and AI’s benefits are increasingly uneven.
As the number and size of data centers continue to expand in the US, the amount and diversity of development capital needed to finance this massive wave of investment have increased as well.
The credit quality and cash flow predictability of data center project financings depend on market conditions, tenant profile and the facility’s ability to stay competitive throughout its economic life.
Total rated Canadian debt¹
Toronto-based Analysts
Total Canada related publications²
Rated Canadian issuers¹
[1] Moody's Ratings as of 01 July 2025
[2] Moody’s Ratings, last 12 months as of 01 September 2025
The government of Canada (Aaa stable) and province of Alberta (Aa2 stable) on 15 May announced an agreement tied to a November 2025 Memorandum of Understanding (MOU), moving forward key initiatives that improve regulatory visibility for the oil and gas sector and provide a better structure to support investments in emissions reduction that are prerequisites for major infrastructure expansion.
We have assigned an SQS2 sustainability quality score (very good) to Desjardins Group's ("Desjardins" or "the Group") sustainable bond framework dated December 2025. The group has established a use-of-proceeds framework with the aim of financing projects across nine eligible green categories and three eligible social categories.
The 2025 wildfire season in Canada (Aaa stable) has become the second-worst on record, just two years after the worst year on record, with over 8.8 million hectares of land burned, leading to widespread damage to infrastructure, air quality and provincial economies.
The credit profile of the First Nations Finance Authority (FNFA, Aa3 stable) reflects its consistently strong credit fundamentals, sound governance, and rigorous onboarding and monitoring processes. This ensures high loan portfolio quality, even as loan volumes and borrowing membership continue to grow rapidly.
We have assigned an NZ-2 Net Zero Assessment score (advanced) to Host Hotels and Resorts L.P.'s (Host) carbon transition plan. Host's emissions reduction targets are overall aligned with well below 2 C on our scoring scale (within a 1.55 C - 1.80 C temperature range), consistent with Paris Agreement goals.
Global sustainable bond issuance totaled $226 billion in the first quarter of 2025, up 4% from the fourth quarter but down 27% from the same period last year. While the market will contend with a period of heightened macroeconomic uncertainty this year, first-quarter volumes are not far off the pace of our full-year 2025 sustainable bond issuance forecast of around $1 trillion.
Canada (Aaa stable) faces increasingly frequent and intense physical climate risks such as wildfires, floods and droughts because of rising global temperatures. Disruptive events lead to land damage and property loss and increase costs related to mitigating damages and rebuilding efforts.
Canada 's (Aaa stable) macro profile score is Strong +. Canadian banks benefit from operating in an environment with a very high level of economic and institutional strength, and a low susceptibility to event risk.
Global sustainable bond issuance totaled $226 billion in the first quarter of 2025, up 4% from the fourth quarter but down 27% from the same period last year. While the market will contend with a period of heightened macroeconomic uncertainty this year, first-quarter volumes are not far off the pace of our full-year 2025 sustainable bond issuance forecast of around $1 trillion.
Surging growth in hyperscale data center capacity will eventually level off, but identifying that inflection point has become increasingly difficult as AI data center campuses emerge as another key growth driver. Data center developers and large tech companies, or hyperscalers, continue to invest heavily in large data center projects.
While any US tariffs against its neighbors' oil exports would hit Canada harder than Mexico because of its tight integration with the US, demand for Mexican crude would erode more quickly under a higher 25% tariff compared with Canada's currently proposed 10%.
As demand for artificial intelligence (AI) and cloud computing services accelerates, data centers will be the engine of the smart technology revolution. Global tech giants, or hyperscalers, are rapidly expanding into new markets, pre-leasing capacity and spurring developers to raise substantial amounts of capital through equity, loans, and bonds.
– January 27, 2025
Canadian energy infrastructure firms are set to increasingly pursue projects on Indigenous territory, with many of the initiatives involving Indigenous communities as co-investors. Hundreds of projects are underway involving renewable energy generation, critical mineral development and pipelines.
– April 04, 2024
We have assigned a sustainability quality assessment to the Bank of Montreal's (BMO) sustainable bond framework dated April 2024. The issuer has established its use-of-proceeds framework with the aim of financing projects across 18 eligible green, social, and transition categories.
Outlook for Canadian ABCP, ABS, RMBS and covered bonds. Summary of activity in 2025 and trends to watch for in 2026. Update on recent performance of major asset classes and expectations for the remainder of the year.
Monday, March 9, 2026 | 2:00 PM EDT
Join us for our annual webinar, where Moody’s analysts will explore the 2026 Sustainable Finance Credit and Sustainable Bond Outlook.
Tuesday, 27 January 2026 | 10:00 EST | 15:00 GMT | 16:00 CET
Moody’s 2026 global data center outlook highlights the risks of continued unprecedented data center capacity growth driven by surging demand for AI, cloud computing, and digital services. This rapid expansion brings new challenges, including regulatory risks, power capacity and grid constraints, and evolving financing models. Hear the global and regional trends, risks, and opportunities shaping the data center markets across the world in 2026.
Wednesday, 21 January 2026 | 10:00 EST | 15:00 GMT | 16:00 CET
Shared new digital technology is driving convergence among once distinct areas of finance. As financial rails have been updated for blockchain based systems as well as AI tools, the growth of tokenized credit, the digitalization of sustainability-linked instruments, and the emergence of stablecoins as settlement tools have helped to erase boundaries among areas such as transition finance, emerging markets finance and private credit.
Wednesday, 14 January 2026 | 10:00 EST | 15:00 GMT | 16:00 CET
Join us for our annual webinar where Moody's analysts will discuss the 2026 Global Banks Outlook.
Discussion topics:
Thursday, 4 December 2025 | 09:00 EST | 14:00 GMT | 15:00 CET
Today, we published an update to the Banks Methodology which contains a number of updates to our Baseline Credit Assessment (BCA) framework. While we maintain our overall methodological approach, the changes we have made reflect the evolution of bank credit risk and regulation, and insights we have gleaned from adverse credit events, alongside our forward looking-view of evolving risks.
Friday 21 November | 10:00 EST | 3:00 GMT | 4:00 CET
Join us for an insightful session as we explore the newly launched transition-related principles and taxonomies, and examine how they can help corporates—especially those in hard-to-abate sectors—access transition finance markets. With traditional GSSS bond issuance showing signs of slowing momentum, understanding the evolution of transition finance is becoming increasingly critical for market participants.
Wednesday, 29 October | 14:00 GMT | 15:00 CET | 10:00 EDT
Join us for an insightful webinar exploring the dynamics of the sustainable bond market in the face of global economic uncertainties. As sustainable bond issuance experiences fluctuations, understanding market trends and forecasts becomes crucial for investors and market stakeholders.
Tuesday, July 29, 2025 | 10:00 AM EDT
Join us at this year's Canada Briefings event, where Moody's Analysts will provide expert insights into the evolving infrastructure finance landscape. We'll kick off with an overview of credit themes and an economic update, setting the stage for a deep dive into the economic impact of tariffs and geopolitical risks on Canada and the US.
Thursday, July 10, 2025 | 12:30 PM - 3:00 PM EDT
Join us for a closed-door roundtable discussion this July in Montréal. This curated event will bring together treasury and sustainability professionals to delve into key industry trends and corporate net zero assessments.
Wednesday, July 9 2025 | 3:15 - 6:30 PM EDT
Join us at this year's Canada Briefings event, where Moody's Analysts will provide expert insights into the evolving infrastructure finance landscape. We'll kick off with an overview of credit themes and an economic update, setting the stage for a deep dive into the economic impact of tariffs and geopolitical risks on Canada and the US.
Wednesday, July 9, 2025 | 9:30 AM - 12:00 PM EDT
Significant trade uncertainty with the US – including a changing tariff landscape – will slow Canadian and provincial growth this year. This, coupled with rising spending, will weigh on fiscal balances and debt burdens. Register for this webinar to learn more.
Wednesday, June 18, 2025 | 10:00 AM EDT
The roundtable is intended to provide senior professionals with a valuable forum to exchange views and market insights through interaction with Moody's lead analysts and market peers.
Join our one-hour webinar discussion where you will hear from senior analysts reporting on the packaging sector.
Outlook for Canadian ABCP, ABS, RMBS and covered bonds. Summary of activity in 2024 and trends to watch for in 2025. Update on recent performance of major asset classes and expectations for future performance within an uncertain economic environment.
Learn more about our 2025 for Regional Governments in Canada.
Tammy Ho, CPA
Senior Vice President
Head of Relationship Management
Ghassan Talib, CFA
Assistant Vice President
Relationship Management
Frank Mbala
Senior Associate
Relationship Management
Jen Tse
Manager
Relationship Management
Dana Hankin
Senior Vice President
US & Canada Project Finance
Daniel Rankin
Assistant Vice President
Structured Finance Canada
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