Strong track record of generating consistent and stable earnings growth Very strong capital adequacy ratios Very good diversification by customer, product, and geography Much improved credit quality Economic and political risk associated with investments in emerging markets Relatively high level of exposure to the U.S. leveraged-lending sector Negative effect of currency translation on U.S. and other foreign-denominated earnings The ratings on The Bank of Nova Scotia (Scotiabank), including the 'A-1(High)' Canadian national scale CP and the 'P-1(Low)' Canadian national scale preferred share ratings, reflect its market position as one of five dominant universal banks in Canada, its broad business mix, geographic diversification, and the efficiency of its operations. The bank has a track record of strong and consistent earnings performance
