Bank of Nova Scotia and Related Entities: Rating Report

On April 19, 2023, DBRS Limited confirmed the ratings of Scotiabank and its related entities, including Scotiabank’s Long-Term Issuer Rating at AA and Short-Term Issuer Rating at R-1 (high). The trend on all ratings is Stable. Scotiabank’s Long-Term Issuer Rating is composed of an Intrinsic Assessment of AA (low) and a Support Assessment of SA2, which reflects the expectation of timely systemic support from the Government of Canada (rated AAA with a Stable trend by DBRS Morningstar).