Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Making sense of the markets this week: July 31 Jul 30th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
With earnings season in full swing, there’s a lot to catch up on this week, as we try to make sense of the markets that defy being d.... More »
Making sense of the markets this week: June 2, 2024 May 31st
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
RBC and National Bank continue to lead the pack
Canadian banks continue to prepare for worst-case scenarios with in.... More »
6 times when a GIC is a smart investment choice + MORE Mar 10th
A guaranteed investment certificate (GIC) may seem like your grandfather’s kind of savings product. After all, his generation was fond of similar investment tools, like government savings bonds and treasury bills, and benefited from periods where interest rates were high enough to make these low-r.... More »
Highlights from Alberta budget 2020 - Global News + MORE Feb 27th
Highlights from Alberta budget 2020 Global NewsThousands march to legislature in protest of Budget 2020 CTV NewsBudget 2020: Health budget sees doubling of private clinic surgeries, deductibles on seniors drug plan CBC.caAlberta budget banks on critical revenue boost.... More »
Bank fees: Everything you need to know before switching to a no-fee account Jul 29th
With the recent news that bank fees have increased during the pandemic and challenger banks like Neo Financial promising no fees on accounts, switching banks may be at the forefront of your mind. But having a good understanding of bank fees—what they are, how they’re determined and the kind of s.... More »
Canadian Banks Take a Credit Rating Hit from Moody’s
– ratesupermarket.ca
The credit ratings of Canada’s Big Six banks have been taken down a notch, reflecting our nation’s high level of household debt and housing prices.
Last week, credit ratings agency Moody’s Investor Service announced that Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, and Royal Bank of Canada would all be subject to downgrading.
“Today’s downgrade of the Canadian banks reflects our ongoing concerns that expanding levels of private-sector debt could weaken asset quality in the future,” said David Beattie, a Moody’s senior vice-president, in the announcement.
“Continued growth in Canadian consumer debt and elevated housing prices leaves consumers, and Canadian banks, more vulnerable to downside risks facing the Canadian economy than in the past.”
The areas in which the six banks saw decreases in ratings were in Baseline Credit Assessments (BCAs) and long-term ratings, while all but TD bank also saw a decrease in Counterparty Risk Assessments (CRAs)…
Canadian Banks Take a Credit Rating Hit from Moody’s
– ratesupermarket.ca
The credit ratings of Canada’s Big Six banks have been taken down a notch, reflecting our nation’s high level of household debt and housing prices.
Last week, credit ratings agency Moody’s Investor Service announced that Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, and Royal Bank of Canada would all be subject to downgrading.
“Today’s downgrade of the Canadian banks reflects our ongoing concerns that expanding levels of private-sector debt could weaken asset quality in the future,” said David Beattie, a Moody’s senior vice-president, in the announcement.
“Continued growth in Canadian consumer debt and elevated housing prices leaves consumers, and Canadian banks, more vulnerable to downside risks facing the Canadian economy than in the past.”
The areas in which the six banks saw decreases in ratings were in Baseline Credit Assessments (BCAs) and long-term ratings, while all but TD bank also saw a decrease in Counterparty Risk Assessments (CRAs)…
