On Nov. 4, 2003, Standard&Poor's Ratings Services affirmed its ratings on National Bank of Canada (National Bank), including the 'A' long-term counterparty credit rating, based on based on the bank's favorable credit trend, stable net operating earnings (before loss provisions), and good capital levels. The outlook is stable. Further support is derived 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. Offsetting the positive factors is National Bank's modest success with diversification of loans and deposits in the Province of Ontario and western Canada, which was also partially intended by the bank. Also, the expansion of the wealth management and
