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Moody's downgrades six Canadian banks citing tough operating environment

May 10 Moody's investor service on Wednesday downgraded the long-term ratings for six Canadian banks, citing a more challenging operating environment for Canadian banks for 2017 and beyond.

Moody's said the six downgraded banks are Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia , Canadian Imperial Bank of Commerce, National Bank of Canada and Royal Bank of Canada.

The ratings agency also downgraded ratings for the affiliates of the six banks. (bit.ly/2pAsPox) (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Leslie Adler)

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