Many people may consider it to be a kind of meaningless busywork on the part of Moody’s Investor Services, but the credit rating firm has downgraded five Canadian banks a notch to Double A one, two or three. The reason is given as concern over the banks exposure to heavily indebted consumers and elevated housing prices. The ratings affect Toronto-Dominion Bank, Scotiabank, Montreal, Canadian Imperial Bank of Commerce, National Bank and the Desjardins caisse populaire.
