TORONTO (Standard&Poor's) Aug. 31, 2007--Standard&Poor's Ratings Services today said the ratings and outlook on The Bank of Nova Scotia (AA-/Stable/A-1+) are unchanged following the bank's announcement to acquire 79% of Chile-based Banco del Desarrollo at a cost of US$810 million. The acquisition is consistent with Scotiabank's strategy of measured additions to its international franchise and in line with its overall risk profile. The planned acquisition has been largely anticipated, is complementary to Scotiabank's existing operations in Chile and will add scale and critical mass. The bank's combined market share in Chile will improve to 6.4% in loans and 5.2% in deposits from 2.5% pre-acquisition.
