Following a review of National Bank of Canada (National Bank) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A/A-1' long- and short-term issuer credit ratings on National Bank. The outlook is stable. The anchor for National Bank is 'a'. Our ratings on National Bank reflect its moderate business position, adequate capital and earnings, strong risk position, average funding, and adequate liquidity scores. Standard&Poor's expects National Bank will continue to demonstrate stable operating performance and capital adequacy as measured by Standard&Poor's risk-adjusted capital ratio, supported by strong asset quality. As we previously announced, on Dec. 13, 2011, Standard&Poor's Ratings Services affirmed its 'A/A-1' long- and short-term issuer
