Moody's Investors service downgrades 6 Canada banks

Moodys

Flaherty reiterated Monday that the World Economic Forum has ranked Canada's banking system as the sounded in the world for five years in a row. He also noted that Moody's rating off Canadians banks continues to be among the highest in the world.

Opposition New Democrat lawmaker Peggy Nash accused the government of relying on "consumer debt'' to prop up Canada's economy.

Royal Bank, Canada's largest bank, wasn't on the list because its long-term deposit rating had already been dropped to Aa3 from Aa1 in June as part of a move to cut the credit ratings of 15 of the world's largest banks.

TD Bank spokesman Stephen Knight said TD remains one of the highest-rated banks globally and the highest-rated bank by Moody's in Canada. He also said at macroeconomic level, the bank has seen a moderation in consumer loan growth and a cooling of the housing market in line with the government's efforts to address the concerns.

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