Moody's Upgrades City National’s Bond Rating

The credit rating agency Moody's Investors Service upgraded City National's issuer and subordinated bank debt ratings to A2 from A3. The news reflects Moody's acknowledgement that City National has strong backing from its Canadian parent, Royal Bank of Canada (RBC). 

"This is good news that underscores the strength and stability of City National," said John Bai, executive vice president and chief financial officer of City National. "The bank is safer and stronger than ever under Royal Bank of Canada. We're thrilled Moody's has recognized this and taken action."

The move was driven by revisions to the analysis that Moody's performs on banks to determine creditworthiness. 

Read Moody's Investors Service news release here.