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Debt Investors

Debt Investors

Review Royal Bank of Canada Credit Ratings, view the Fixed Income Presentation and get access to information on Covered Bonds.

Credit Ratings





Counterparty/Deposits(1) Aa2 AA- AA (high) AA
Legacy Senior Debt(2) Aa2 AA- AA (high) AA
Senior Debt(3) A2 A AA AA
Covered Bonds Aaa - AAA AAA
NVCC Subordinated Debt Baa1(hyb) A- A AA-
Subordinated Debt Baa1 A AA (low) AA-
NVCC Preferred Shares Baa3(hyb) BBB Pfd-2 (high) -
Preferred Shares Baa3 BBB+ Pfd-1 (low) -
Short-term Debt P-1 A-1+ R-1 (high) F1+
Rating Outlook Stable Stable Stable Stable

1) Represents Moody's Counterparty Risk Rating and Deposit Rating, S&P's Issuer Credit Rating, DBRS' Long Term Deposit Rating and Fitch's Derivative Counterparty Rating and Long Term Deposit Rating

2) Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime

3) Subject to conversion under the bank recapitalization "bail-in" regime

Credit ratings are not recommendations to purchase, sell or hold a financial position in as much as they do not comment on market price or suitability for a particular investor. Ratings are subject to revision or withdrawal at anytime by a rating agency.

Further Information


RBC Investor Day 2018

June 13, 2018

Learn More


Janice Fukakusa

Chief Administrative Officer and Chief financial Officer, RBC

Video: Janice Fukakusa