Strong market position in Canada High and consistent earnings growth Strong asset quality metrics compared with international peers' Risk associated with expanding investments in developing and emerging markets, although somewhat compensated with wider margins Lack of significant scale in some international markets Negative effect of currency translation on foreign earnings and accumulated other comprehensive income Standard&Poor's Ratings Services' outlook on BNS is stable, reflecting expectations that the bank will continue to generate consistent earnings and to grow without adding outsize risk to the balance sheet. We could lower the ratings if the higher-than-peer average (particularly in the international loan portfolio) consumer loan growth of the past few years turns into disproportionate asset quality issues, such that net charge-offs
