We are affirming our 'A/A-1' long- and short-term issuer credit ratings on National Bank of Canada. We are revising our business position assessment to "adequate" from "moderate", and our risk position assessment to "adequate" from "strong". The negative outlook reflects the possibility that we might reduce the additional uplift of one notch included for extraordinary government support. On June 11, 2015, Standard&Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term issuer credit ratings on National Bank of Canada. The outlook is negative. In addition, Standard&Poor's revised its risk position assessment on NBC to "adequate" from "strong" and its business position assessment to "adequate" from "moderate". Our long-term issuer credit rating on NBC is based on
