Strong business position as Canada's third-largest bank Robust and consistent profitability record Stronger asset quality metrics than those of global peers operating in similar economic risk regions Good diversification by line of business and geography Increased exposure to unsecured consumer lending, representing an incremental increase in risk appetite although from a low base and still slightly below the peer average Risk associated with expanding investments in emerging markets, although somewhat compensated with higher margins and a less risky footprint than historically Higher dependence on wholesale funding than the domestic peer average, although it has been declining since 2016 The stable outlook on The Bank of Nova Scotia (BNS) reflects S&P Global Ratings' view that the likelihood of the ratings moving
