Scotiabank is Downgraded

RBC Capital Markets, 23 October 2008Our Underperform rating on Scotiabank's stock has primarily reflected our view that the high valuation multiple leaves little room for disappointment. Scotiabank trades at a high P/E and P/B multiple relative to Canadian banks. We think that Scotiabank's high valuation reflects (1) strong asset growth in domestic banking, international banking and corporate