Following a review of the Bank of Nova Scotia (BNS) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we are affirming the 'AA-/A-1+' long- and short-term issuer credit ratings on BNS. The outlook is stable. Our ratings on BNS reflect the bank's strong business position, adequate capital and earnings, strong risk position, and average funding and adequate liquidity, as our criteria define these terms. The ratings on BNS benefit from a one-notch uplift for potential extraordinary government support in a crisis. We expect the bank to continue to generate consistent earnings supported by its stable retail banking operations and manageable loan losses. As we previously announced, on Dec. 13, 2011, Standard&Poor's Ratings Services affirmed
