Conditions remain weak globally for consumers
Despite improvement, the number of downgrades remains very elevated by historical standards
The rating agency predicts the global default rate will peak at 12.8% in the fourth quarter
Potential rating actions do not reflect on the underlying financial strength of the Canadian banking system, rating agency says
Virtually all of the Canadian corporate issues maturing in 2009 carry investment-grade ratings, and 90% have stable outlooks
The global default rate is expected to continue growing; it should peak in the fourth quarter
Loan losses spell trouble
Economic strength will emerge after downturn without major impairment
Charge-offs and delinquencies expected to continue to rise at a pace unprecedented for the Canadian market
Prolonged crisis has stretched government resources