DBRS upgrades all ratings of National Bank
Montreal, 5 April 2005 -
Dominion Bond Rating Services (DBRS) has upgraded all credit ratings of National Bank of Canada.
According to DBRS, the improvements in National Bank’s earnings, asset quality, and financial risk profiles are sustainable due to the successful execution of its strategy.
The credit rating upgrade is supported by a more balanced business mix. National Bank continues to solidify its strong retailing position in Quebec, grow retail earnings in the rest of Canada through its strategic partnership program, expand its distribution capabilities, and increase the diversification of its corporate and investment banking businesses.
Additionally, DBRS anticipates the conservative lending philosophy adopted by the Bank will contribute to respectable asset quality in the longer term, and an improving financial risk profile should position the Bank for future growth.
“We are happy with our DBRS ratings. The upgrade shows that our strategy is well conceived and that our continuing efforts of recent years to secure our strong position in Quebec and the rest of Canada are paying off,” commented Réal Raymond, President and Chief Executive Officer of National Bank of Canada.
About National Bank
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its customers elsewhere in the world. National Bank offers a full array of banking services, including corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management, as well as mutual fund and retirement plan management. National Bank has over $90 billion in assets and, together with its subsidiaries, employs close to 17,000 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA: TSX). For more information, visit the Bank’s website at www.nbc.ca.
Information: (The telephone number provided below is for the exclusive use of journalists and other media representatives):
Director – Public Relations
National Bank of Canada
Tel.: (514) 394-8644