Stable net operating earnings Favorable credit trend Successful midmarket commercial lending operations in Quebec Geographic concentration of loans and deposits in Quebec Returns slightly below the Canadian bank peer group Further progress with Altamira needed The ratings on Montreal, Que.-based National Bank of Canada (National Bank), including the Canadian national scale 'A-1(Mid)' CP rating and 'P-2(High)' preferred share rating, and the 'BBB-' capital debenture subordinated debt rating, reflect the bank's market share in the Province of Quebec and overall performance as compared with both Canadian and global peers'. The strengths of the institution are rooted in its commercial lending capabilities, which are complemented by its good market share in consumer lending and retail products and services. The diversification of loans
