Canadian Banks - Credit Ratings
Here is a list of Canadian banks rated by Fitch, Moody's, Standard & Poor's (S&P) and DBRS Morningstar, the leading independent international agencies. Canadian banks are among the most highly rated financial institutions in the world. The top 10 safest banks in North America include 6 Canadian Banks according to Global Finance. There are no banks which hold an AAA rating. Royal Bank of Canada and The Toronto-Dominion Bank lost its triple-A rating from Moody's in 2010 and 2013, respectively. Ratings are accurate as of February 20, 2025.
Legacy Senior Debt/Deposits (unless otherwise noted)
| No | Bank | Moody's | Standard & Poor's | Fitch | DBRS |
| 1 | Royal Bank of Canada | Aa1 | AA- | NA | AA (high) |
| 2 | Desjardins Group | Aa1 | A+ | AA | AA |
| 3 | Bank of Nova Scotia | Aa2 | A+ | AA | AA |
| 4 | Bank of Montreal (BMO) | Aa2 | A+ | AA | AA |
| 5 | Canadian Imperial Bank of Commerce | Aa2 | A+ | AA | AA |
| 6 | Toronto-Dominion Bank | Aa3/Aa2 | A+ | AA | AA (high) |
| 7 | National Bank of Canada | Aa2 | nr | AA- | AA |
| 8 | Wells Fargo Canada Corp | A+* | AA (low) | ||
| 9 | Manulife Bank of Canada | - | A+ | - | A (low) |
| 10 | Laurentian Bank of Canada | - | BBB | - | BBB |
| 11 | Canadian Western Bank | - | - | - | AA |
| 12 | Sumitomo Mitsui Banking Corp, Canada | - | - | - | A (high) |
| 13 | Societe Generale (Canada) | - | - | - | A (high) |
| 14 | Mizuho Bank Ltd., Canada Branch | - | - | - | A (high) |
| 15 | MUFG Bank Ltd., Canada Branch | - | - | - | A (high) |
| 16 | Societe Generale (Canada Branch) | - | - | - | A (high) |
| 17 | Citigroup Finance Canada Inc | - | - | - | Discontinued |
| 18 | Central 1 Credit Union | - | - | A-* | A (high) ** |
| 19 | Citibank Canada | - | - | A* | AA (low) |
| 20 | BNP Paribas (Canada Branch) | - | - | - | AA (low) |
| 21 | Concentra Bank | - | - | - | A (low) |
| 22 | Bank of China (Canada) | - | - | - | BBB (high) ** |
| 23 | Coast Capital Savings Federal Credit Union | - | - | - | BBB (high) ** |
| 24 | Canadian Tire Corporation | - | BBB | - | BBB ** |
| 25 | Equitable Bank | Baa1 | - | - | BBB (high) |
| 26 | Home Capital Group Inc (HCG) | - | - | - | BBB (low) ** |
| 27 | American Express Canada Credit Corp ^ | - | - | - | - |
| 28 | HSBC Bank Canada ^^ | - | - | - | - |
Ratings may be revised or withdrawn at any time without notice.
* Long Term Issuer Default Rating
** Long-Term Issuer/Senior Debt
^ In April 2023, Fitch withdrew the ratings of American Express Canada Credit Corp. as the legal entity was dissolved.
^^ The acquisition of HSBC Bank Canada (HSBC Canada) and its subsidiaries by the Royal Bank of Canada was completed in March 2024.