Moody’s downgrades six banks

Moody’s yesterday slashed the ratings of six Canadian banks on worries over rising consumer debt and a housing boom. The Bank of Nova Scotia, Caisse Centrale Desjardins and National Bank of Canada all saw their credit score move down one notch, as did Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce. The only big Canadian bank to escape a ratings cut was Royal Bank of Canada, the country’s largest.