Moody’s confirms RBC USA Holdco debt

Moody's Investors Service said it confirmed City National Corp.'s, and assumed by RBC USA Holdco Corp., senior unsecured rating at A3.

The outlook is stable.

The action concludes the review for possible downgrade initiated on May 31.

The agency said the debt rating was confirmed as a result of the advanced loss given failure analysis in which Moody’s incorporates its forward-looking assumption that RBC USA's funding plan will result in the issuance of a sufficient volume of senior holdco debt to support the rating of the legacy City National at its current level.

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