Fitch's Wolfe: Cdn Banks May Face Ratings Pressure If Consumer Delinquencies Rise

Toronto (Dow Jones) - Canadian debt ratings of banks may come under pressure as their national retail loan delinquencies rise in the books, Fitch Ratings Christopher Wolfe said during a conference here Thursday.

Wolfe, managing director of financial institutions ratings on the company, said the steady growth in personal and mortgage loans has resulted in record levels of consumer debt, and leaves a lot of Canadian households exposed to adverse shock than in previous periods.

"What worries us most," he said. "This is not the immediate concern, but something that we keep our eye on."

In the short term risk to the housing market would have a significant shock to the labor market and / or a big jump in interest rates fast and Fitch said in a recent report.

Mortgage delinquencies historically tend to be low in Canada due to tighter underwriting standards and a greater amount of equity was at home, economists noted. According to the Canadian Bankers Association, mortgages 90 days or more in arrears was 0.38% of outstanding mortgage loans as of November 30, and hit high, and 0.65% only twice since 1990 to 1992 and 1997.

Ratings of the major Canadian banks are still among the highest in Fitch rated universe of global banks.

Moreover, household debt, other factors that can change the company's debt rating outlook among the protracted economic slowdown in the United States and Europe, and the continued risk of contracting the debt crisis, the report said.

Banks' profit growth to moderate in 2012, retail loan growth is likely to decline further, Wolfe said.

Canadian banks exposure to euro-zone countries in difficulty is manageable, he said

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