We consider that the potential extraordinary government support for major Canadian banks may be reduced by the eventual adoption of a bail-in component to the existing resolution framework. As a result, we are revising our outlook on National Bank of Canada to negative from stable. We are also affirming our 'A' long-term and 'A-1' short-term issuer credit ratings on the bank. The negative outlook reflects the possibility that we might lower the long-term issuer credit rating (ICR) by one notch if we remove government support from the long-term ICR to reflect the greater likelihood that senior unsecured debt may incur losses. On Aug. 8, 2014, Standard&Poor's Ratings Services revised its outlook on Canada-based National Bank of Canada to
