Standard&Poor's Ratings Services today said National Bank of Canada's (National Bank; A/Stable/A-1) announced write-down of its investment in Cognicase Inc., which has eliminated almost one quarter's earnings, would not affect the ratings or outlook on the bank. National Bank acquired an interest in Cognicase, a Montreal, Que.-based information technology company, when it sold its information technology subsidiary in May 2000. The C$137 million (pretax) write-down taken against Cognicase reflects the bank's reassessment of this investment given the very soft operating environment within the technology sector. The adjustment to the book value of the investment does not affect National Bank's business relationship with Cognicase, which remains the bank's preferred supplier of information technology services. National Bank's retail and wholesale
