Fitch Boosts AA+ Ratings for Canadian Banks

Fitch upgraded long-term senior unsecured debt and deposit ratings to AA+ for five major Canadian banks (RY, TD, BMO, BNS, CM).
National Bank of Canada moved to AA from AA‑, and Federation des Caisses Desjardins du Quebec’s deposits rose to AA+.
U.S. subsidiaries City National Bank, TD Bank N.A., BMO Bank N.A. received AA+ deposit upgrades, while CIBC Bank USA improved to AA.
Resolution debt buffers for these banks stood at 15‑19% of risk‑weighted assets in Q1 2026, prompting the rating actions.