S&P cuts the outlook of seven Canadian financials to negative, based largely on a "prolonged...

|By:, SA News Editor

S&P cuts the outlook of seven Canadian financials to negative, based largely on a "prolonged run-up in housing prices and consumer indebtedness" in the country. The ratings service did affirm the ratings of the institutions: Bank of Nova Scotia (BNS), Royal Bank of Canada (RY), Toronto-Dominion (TD), Central 1 Credit Union, National Bank of Canada (NTIOF.PK), Laurentian Bank of Canada and Home Capital Group.