Credit Ratings
Moody’s, Standard & Poor’s (S&P), Fitch Ratings, Morningstar DBRS
Legacy Senior
Debt1
Moody's
Aa2
Standard & Poor's
A+
Fitch Ratings
AA
Morningstar DBRS
AA
Senior
Debt2
Moody's
A2
Standard & Poor's
A-
Fitch Ratings
AA-
Morningstar DBRS
AA (low)
Subordinated Debt (NVCC)
Moody's
Baa1 (hyb)
Standard & Poor's
BBB+
Fitch Ratings
A
Morningstar DBRS
A (low)
Short Term Deposits / Commercial Paper
Moody's
P-1
Standard & Poor's
A-1
Fitch Ratings
F1+
Morningstar DBRS
R-1 (high)
Covered
Bond Program
Moody's
Aaa
Standard & Poor's
Not Rated
Fitch Ratings
AAA
Morningstar DBRS
AAA
Outlook
Moody's
Stable
Standard & Poor's
Stable
Fitch Ratings
Stable
Morningstar DBRS
Stable
Subordinated
Additional Tier 1
Capital Notes (NVCC)
Moody's
Baa3 (hyb)
Standard & Poor's
BBB-
Fitch Ratings
BBB+
Morningstar DBRS
BBB (high)
Limited
Recourse Capital
Notes (NVCC)
Moody's
Baa3 (hyb)
Standard & Poor's
BBB-
Fitch Ratings
BBB+
Morningstar DBRS
BBB (high)
Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime.
Subject to conversion under the bank recapitalization "bail-in" regime.