Bulletin: The Bank of Nova Scotia Ratings Unchanged After Announced Purchase Of Share In CI Financial

532 word report published Oct 06, 2008

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Abstract:

TORONTO (Standard&Poor's) Oct. 6, 2008--Standard&Poor's Ratings Services today said its ratings and outlook on The Bank of Nova Scotia (Scotiabank; AA-/Stable/A-1+) remain unchanged following Scotiabank's announcement to acquire Sun Life Financial Inc.'s (AA-/Stable/A-1+) 37% interest in CI Financial for a total cash consideration of approximately C$2.3 billion. We believe the investment is strategically consistent with the bank's goal to increase its presence in the wealth management field in Canada, which, historically, has been one of Scotiabank's soft spots. CI Financial holds a No. 3 market position in mutual funds in Canada by assets under management. The transaction will immediately add to earnings diversification and consume 47 basis points of the bank's Tier 1 capital. Scotiabank's Tier

Brief Excerpt:

RESEARCH Ratings Definitions Bulletin: The Bank of Nova Scotia Ratings Unchanged After Announced Purchase Of Share In CI Financial Publication date: 06-Oct-2008 Primary Credit Analyst: Daniel Koelsch, FRM, Toronto (1) 416-507-2590;...

Report Type:

Bulletin

Ticker:

BNS@CN

Issuer:

The Bank of Nova Scotia

Sector:

Global Issuers, Public Finance, Structured Finance

Country:

Canada

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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