Fitch Withdraws Rating for Never-Issued Scotiabank Covered Bonds

Fitch Ratings Wednesday (Nov. 9) withdrew its expected 'AAA' rating for Bank of Nova Scotia's Series 1 mortgage covered bonds. The Canadian bank (also known as Scotiabank) had announced plans for covered bonds last year, but they were never issued. The rating agency stated that it "will no longer provide rating or analytical coverage for these covered bonds."