{"id":20569,"date":"2012-12-14T00:37:38","date_gmt":"2012-12-14T04:37:38","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20569"},"modified":"2012-12-14T00:37:38","modified_gmt":"2012-12-14T04:37:38","slug":"na-preferreds-downgraded-by-sp","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20569","title":{"rendered":"NA Preferreds Downgraded by S&amp;P; Outlook Now Stable"},"content":{"rendered":"<p>Standard &#038; Poor&#8217;s <a href=\"http:\/\/www.standardandpoors.com\/ratings\/articles\/en\/us\/?articleType=HTML&#038;assetID=1245344946154\">has announced<\/a>:<\/p>\n<blockquote>\n<ul>\n<li>\u2022We believe that the Canadian banking sector is encountering incremental pressure from headwinds facing the Canadian economy, which is heightening economic risk in the banking system.\n<li>\u2022We also believe industry risk for the Canadian banking sector is increasing. We expect that intensifying competition for loans and deposits will lead to pressure on profitability growth, especially in banks&#8217; retail businesses.\n<li>\u2022We are lowering our long- and short-term issuer credit ratings on National Bank of Canada to &#8216;A-\/A-2&#8217; from &#8216;A\/A-1&#8217;, following our revision of the stand-alone credit profile on the bank to &#8216;a-&#8216; from &#8216;a&#8217;. The outlook is stable.\n<li>\u2022The stable outlook reflects our expectation that National Bank of Canada&#8217;s credit fundamentals will remain consistent with current ratings over the next 24 months.<\/ul>\n<\/blockquote>\n<p>In distinction to <a href=\"http:\/\/www.prefblog.com\/?p=20567\">S&#038;P&#8217;s views regarding CM<\/a>, there is no allusion to NA being systemically important and no expectation of government support in times of stress.<\/p>\n<p>S&#038;P&#8217;s prior Negative Outlook on NA was <a href=\"http:\/\/www.prefblog.com\/?p=19336\">reported on PrefBlog<\/a>.<\/p>\n<p>NA has the following preferred share issues outstanding: NA.PR.K (Series 15, <a href=\"http:\/\/www.prefblog.com\/?p=20495\">called for redemption<\/a>); NA.PR.L (Series 16); NA.PR.M (Series 20); NA.PR.N (Series 21); NA.PR.O (Series 24); NA.PR.P (Series 26); NA.PR.Q (Series 28). All have been downgraded to P-2 from P-2(high).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Standard &#038; Poor&#8217;s has announced: \u2022We believe that the Canadian banking sector is encountering incremental pressure from headwinds facing the Canadian economy, which is heightening economic risk in the banking system. \u2022We also believe industry &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-20569","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20569"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20569\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}