S&P cuts outlooks to negative at Canada’s six biggest banks

|By:, SA News Editor

Canada’s six biggest banks - Toronto-Dominion Bank (NYSE:TD), Royal Bank of Canada (NYSE:RY), Bank of Nova Scotia (NYSE:BNS), Canadian Imperial Bank of Commerce (NYSE:CM), Bank of Montreal (NYSE:BMO) and National Bank of Canada (OTCPK:NTIOF) - had their outlooks cut to negative from stable by Standard & Poor’s because of regulatory changes that could affect bondholders.

S&P says the outlook revision reflects its "expectation of reduced potential for extraordinary government support arising from implementation of the proposed new elements of the resolution framework for Canadian banks."