RBC CM Upgrades Scotiabank and Downgrades CIBC & TD Bank

RBC Capital Markets, 3 June 2008Remain cautious on Canadian bank sector; changing ratings on three of the five banksWe maintain our cautious view on Canadian bank stocks, reflecting our expectations for continued pressure on profitability, the potential for further negative earnings revisions and valuations that are not overly cheap on a historical basis considering the challenges we think the