TORONTO (Standard&Poor's) Nov. 4, 2003--Standard&Poor's Ratings Services today said it affirmed its ratings on National Bank of Canada (National Bank), including the 'A' long-term counterparty credit rating, based on the bank's favorable credit trend, stable net operating earnings (before loss provisions), and good capital levels, which continue to support the ratings and stable outlook. "National Bank derives further support from the core value of the franchise and the bank's share of small to medium commercial lending in local markets, despite the attendant risk of geographic concentration," said Standard&Poor's credit analyst Lidia Parfeniuk. Offsetting the positive factors is modest success with diversification of loans and deposits in the Province of Ontario and western Canada, which
