Bank of Nova Scotia downgraded

The Bank of Nova Scotia has been downgraded by ratings agency Moody’s due to a focus on high-profit credit cards and auto loans rather than the lower-profit mortgage market. It has also made some international acquisitions which are in less stable markets than Canada. The downgrade to Aa3 from Aa2 reflects what Moody’s says is a shift from Scotiabank’s low-risk appetite.

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