...Ratings Affirmed Following Peer Review: On Jan. 23, 2015 Fitch Ratings completed a peer review of the seven large Canadian financial institutions that it rates and affirmed all ratings. Additionally, the Rating Outlooks remain Stable. That said, Fitch has a cautious view on the Canadian consumer and housing markets and the impact of falling oil prices on the larger economy and banks. This is in part offset by Canadian banks' resilient operating performance over multiple cycles and the prevalence of government sponsored mortgage insurance supporting bank balance sheets. Macroeconomic Concerns Growing: Fitch's key macroeconomic consideration remains the high level of consumer indebtedness in Canada, which Fitch believes to be at unsustainable levels. This combined with Fitch believes to be some overvaluation in the Canadian housing market, beget a cautious view of consumer credit. Additionally, the recent drop in global oil prices has the potential to have spill-over effects to the broader...
