Stable credit risk profile Strong presence in midmarket commercial lending in Quebec Partnership strategy used to diversify outside the bank's home turf and in the rest of Canada Geographic concentration of loans and deposits in Quebec Higher proportion of revenues related to capital markets relative to peers The ratings on Montreal-based National Bank of Canada (National Bank) reflect its conservative credit risk profile, strong presence in midmarket commercial and retail lending through its market share position in Quebec; measured expansion via the successful partnership program; and overall performance compared with its Canadian peer group. The ratings also reflect National Bank's geographical concentration of loans and deposits in Quebec and the higher-than-several peers' proportion of revenues tied to capital markets activities.
