Rating agency Moody’s has downgraded six of Canada’s major financial institutions, on concerns over high levels of consumer debt and elevated house prices.
The banks affected are Toronto-Dominion Bank, Scotiabank, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank and the Desjardins Caisse Populaire. Despite the downgrade, Moody's points out the banks still rank among the highest-rated lenders in the world.
Canada’s commodity-rich economy has fared better than other nations in the financial downturn, but there are fears of a housing bubble fuelled by record low interest rates.
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