Following our review, we have revised our assessment of National Bank of Canada's systemic importance to "moderate" from "low." We are, therefore, raising our ratings on National Bank, including our long- and short-term issuer credit ratings to 'A/A-1' from 'A-/A-2'. The stable outlook reflects, among other things, our expectation that the bank will maintain its solid franchise position in Quebec. On July 24, 2013, Standard&Poor's Ratings Services raised its long- and short-term issuer credit ratings (ICR) on National Bank of Canada to 'A/A-1' from 'A-/A-2'. In addition, Standard&Poor's raised its issue ratings on National Bank's senior unsecured debt to 'A' from 'A-'. The outlook is stable. The upgrade is based on our reassessment of the bank's
