Moody's Withdraws Rating for Unused Scotiabank CB Program

Moody's Investors Service Jan. 25 withdrew the provisional ratings of (P)Aaa assigned to the covered bonds to be issued by the Bank of Nova Scotia Global Covered Bond Programme.  Although the provisional ratings were assigned in January 2008, no covered bonds have actually been issued to date under the program.

"In this case, Moody's believed that it was appropriate to withdraw the provisional ratings given the length of time that has elapsed without an actual issuance being completed," the rating agency announced.

This action by Moody's follows Fitch Ratings' withdrawal last year (Nov. 9) of its expected 'AAA' rating for Bank of Nova Scotia's (never-issued) Series 1 mortgage covered bonds, on similar grounds.

Bank of Nova Scotia is also known as Scotiabank.

To read the text of the Moody's Investors Service announcement, first log in (free) at www. moodys.com, then click here.