Strong and consistent earnings growth Very strong capital adequacy ratios Solid management team Very good diversification by customer, product, and geography Strong credit risk infrastructure and continues to be refined Well-established international growth platform Economic and political risk associated with investments in emerging markets Relatively high level of exposure to the U.S. leveraged lending sector Lack of U.S. retail deposit base to support U.S. corporate lending activities Negative effect of currency translation on U.S. and other foreign-denominated earnings The ratings on The Bank of Nova Scotia (Scotiabank) 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 generating
