Consistent growth in core operating performance Lower credit risk profile Successful midmarket commercial lending operations in Quebec Geographic concentration of loans and deposits in Quebec, although a partnership strategy is used to diversify outside the bank's home turf Slightly higher exposure to market risk relative to peers The ratings on Montreal, Que.-based National Bank of Canada (National Bank) reflect consistent growth in core operating performance and lower credit risk profile, which are partly offset by limited geographical diversification and increased exposure to market risk. The ratings also reflect the bank's market share in the Province of Quebec and overall performance compared with the Canadian peer group. The vastly improved credit picture is in part owing to the favorable economic trends
