S&P affirms ratings on CIBC
Despite improvement, the number of downgrades remains very elevated by historical standards
Ratings underpinned by strong domestic banking
Although the rating agency is concerned about the securities’ makeup, the decision does not affect the banks’ credit ratings
The rating agency predicts the global default rate will peak at 12.8% in the fourth quarter
Recovery rates are also being affected by typical cyclical and industry specific challenges as well as new stressors
Potential rating actions do not reflect on the underlying financial strength of the Canadian banking system, rating agency says
Methodology change prompts downgrade
DBRS has confirmed its ratings on the Caisse de dépôt et placement du Québec and CDP Financial Inc., the rating agency said Thursday.The rating agency notes that the Caisse’s total portfolio recorded a return of negative 25% in 2008 and missed its benchmark by a substantial 658 basis points, erasing nearly two and a half […]
Virtually all of the Canadian corporate issues maturing in 2009 carry investment-grade ratings, and 90% have stable outlooks