Robust market position in Canada High and consistent earnings growth Reasonably strong capital measures though high hybrid content, which is in line with Canadian peers', lessens the quality Strong asset quality compared with U.S. and international peers' Some geographic and revenue diversification through the international platform Risk associated with growing investments in developing and emerging markets, although somewhat compensated with wider margins High wholesale funding dependence Negative effect of currency translation on foreign earnings and accumulated other comprehensive income Relatively small wealth management operations compared with large Canadian peers' Lack of significant scale in any international operating market The ratings on The Bank of Nova Scotia (Scotiabank) reflect our view of its market position as one of five dominant banks
