Moody’s lowers Bank of Nova Scotia senior notes

Moody’s Investors Service said it downgraded the rating on the Bank of Nova Scotia’s $80 million series B variable-rate senior notes linked to Guggenheim Partners Covered Call Fund, LP due Jan. 10, 2042 to Aa3 from Aa2.

The downgrade reflects the change in the senior unsecured rating of the issuer, which was downgraded Jan. 25, Moody’s said.

The agency said it believes that, in the event of a default, recoveries will be consistent with the issuer’s other senior unsecured debts because the notes’ principal becomes due and payable at the option of noteholders following a default and because the notes were offered at par.

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