Stable credit risk profile No high-risk U.S. retail lending exposure Strong presence in midmarket commercial and retail lending in Quebec Good core profitability, strong liquidity, and conservative capital adequacy Geographic concentration of loans and deposits in Quebec Higher proportion of revenues related to capital markets relative to that of peers Challenged by nonbank asset-backed commercial paper exposure The ratings on Montreal-based National Bank of Canada reflect our assessment of its conservative credit risk profile, lack of exposure to high-risk U.S. retail lending, strong presence in midmarket commercial and retail lending in Quebec, good core profitability, strong liquidity, and conservative capital adequacy. The ratings also reflects what Standard&Poor's Ratings Services views as the bank's geographical concentration of loans and
