...The credit quality of the underlying assets is not material to our rating analysis, so there generally are no material ESG credit factors at the asset level. Support providers in CP conduits are typically highly rated financial institutions, and our assessment of their creditworthiness incorporates any material ESG credit factors. In our view, exposure to ESG factors in this transaction is limited to the factors related to the support provider. Refer to our U.S. and Canadian, EMEA, Asia-Pacific, and Latin American bank ESG industry report cards for further information. For The Bank of Nova Scotia, ESG credit factors are broadly in line with those of industry and Canadian peers. The bank maintains a conservative culture, and certain risks, such as economic, political, and operational risks, in its international businesses, which we view as raised relative to these risks in the Canadian businesses, have somewhat lessened through a tighter and more focused international footprint. From a social...
