The ratings on National Bank of Canada (National Bank) reflect the bank's commanding market share in Quebec and its overall performance compared with both Canadian and global peers. The strengths of the institution are rooted in its commercial lending capabilities, which are complemented by good market share in consumer lending and retail products and services. Wealth management offerings were boosted with the acquisition of Altamira Investment Services Inc., the second-largest independent mutual fund company in Canada, although timing was not optimal, given the persistently difficult equity markets. The bank has managed to avoid the U.S. syndicated lending market and its exposures to the telecom and energy sectors are modest, so that asset quality has remained largely intact. Capital markets-related activities
