TORONTO — Debt rating heavyweight Moody’s Investors Service served notice on six of Canada’s biggest banks that it may cut their rating by as much as two notches because of concern over high consumer debt levels and soaring housing prices.
The downgrade warning covers Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, Caisse Centrale Desjardins and National Bank of Canada.
Royal Bank, Canada’s largest bank, was not included on the list.
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Yet RBC was on ZH's list as one of two banks (the other CIBC) re-hypothecating some $125 billion of client funds. Potemkin fail