Strong market position in Canada Well-established international growth platform Strong and consistent earnings growth Solid risk-adjusted capital ratios Very good diversification by customer, product, and geography Risk associated with investments in developing and emerging markets Negative effect of currency translation on foreign earnings Relatively small wealth management operations The ratings on The Bank of Nova Scotia (Scotiabank) reflect its market position as one of five dominant universal banks in Canada, its well-established international growth platform, and a track record of generating strong and consistent earnings performance coupled with a solid capital base even when adjusting for higher risk emerging market activities. Furthermore, Scotiabank is well diversified by customer, product, and geography. The increased risk associated with Scotiabank's investments in international
