The Bank of Nova Scotia's U.S. Dollar NVCC Subordinated Additional Tier 1 Capital Notes Rated 'BBB-'

TORONTO (S&P Global Ratings) Sept. 29, 2017--S&P Global Ratings today said it assigned its 'BBB-' issue-level rating to The Bank of Nova Scotia's (BNS; A+/Stable/A-1) U.S. dollar-denominated non-viability contingent capital (NVCC) subordinated additional Tier 1 Capital notes issue. In accordance with our criteria for hybrid and other capital instruments, the rating reflects our analysis of the proposed instrument, and our assessment of BNS' 'a' stand-alone credit profile (SACP). (For more information, see " Criteria - Financial Institutions - Banks: Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect.) The 'BBB-' issue rating stands four notches below BNS' SACP, incorporating: A deduction of one notch, the minimum downward notching from the SACP under our

...TORONTO (S&P Global Ratings) Sept. 29, 2017--S&P Global Ratings today said it assigned its '###-' issue-level rating to The Bank of Nova Scotia's (BNS; A+/Stable/A-1) U.S. dollar-denominated non-viability contingent capital (NVCC) subordinated additional Tier 1 Capital notes issue. In accordance with our criteria for hybrid and other capital instruments, the rating reflects our analysis of the proposed instrument, and our assessment of BNS' 'a' stand-alone credit profile (SACP). (For more information, see " Criteria - Financial Institutions - Banks: Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect.) The '###-' issue rating stands four notches below BNS' SACP, incorporating: + A deduction of one notch, the minimum downward notching from the SACP under our criteria for subordinated debt, reflecting contractual subordination; + A deduction of two additional notches, reflecting that the coupon payments are fully...

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