At their current levels, Canadian bank ratings remain unaffected following Fitch Ratings' downgrade of the Canadian sovereign on June 24, 2020 to 'AA+'/Outlook Stable from 'AAA'. While Fitch has assigned negative rating and sector outlooks to the Canadian banking system, the sovereign rating action does not apply incremental pressure to bank ratings under Fitch's bank rating criteria. Canada's highest rated bank, Royal Bank of Canada (AA/Negative), remains one notch below that of Canada, and two notches below Canada's country ceiling (AAA). The sovereign downgrade does not immediately influence Fitch's assessment of ... (full story)