TORONTO (Standard&Poor's) Nov. 23, 2010--Standard&Poor's Ratings Services today said its ratings and outlook on The Bank of Nova Scotia (Scotiabank; AA-/Stable/A-1+) are unchanged following the bank's announced transaction with DundeeWealth Inc., a wholly-owned subsidiary of Dundee Corporation. Scotiabank today agreed to purchase all of the common shares of DundeeWealth that the bank does not own (current holding is 18%). The transaction is expected to close in January 2011 and the distribution channels to remain separate. We view the transaction positively from a strategic standpoint, as it will add to Scotiabank's underrepresented--relative to domestic peers'--wealth management platform. Scotiabank will rise to fifth place from 10th in Canada in terms of mutual funds assets under management. Also, the
