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S&P cuts outlooks on seven Canadian banks
Standard & Poor's said it revised its outlooks on seven Canadian financial institution ratings to negative from stable.
The affected financial institutions are Bank of Nova Scotia, Central 1 Credit Union, Home Capital Group Inc., Laurentian Bank of Canada, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank.
At the same time, S&P said it affirmed its ratings on all seven banks.
The agency said the outlook revisions are linked to its evolving views of economic risk and industry risk for banks operating in Canada.
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