business, Canadian banks, credit rating agencies, Credit Rating Downgrade, credit ratings, credit ratings watch, Economy, globe and mail, Moody's Investors Service Inc, Moody’s knocks Canadian banks down a notch
GRANT ROBERTSON – BANKING REPORTER
The Globe and Mail
Published Monday, Jan. 28 2013, 2:02 PM EST
Moody’s Investors Service Inc. has downgraded the credit ratings of several of the country’s largest banks, saying that high housing prices and record levels of consumer debt have left them vulnerable to a slowing Canadian economy.
Among other moves, the bond-rating agency took away Toronto-Dominion Bank’s triple-A rating. TD, which was the last Canadian bank to enjoy the highest-possible rating until Monday, was downgraded over concerns about the increasing size of its U.S. operations, where the bank faces more competition than in Canada.