Dominion Bond Rating Services has upgraded all credit ratings of National Bank of Canada.

National Bank said in a statement Tuesday that DBRS said improvements in the bank’s earnings, asset quality, and financial risk profiles are sustainable due to the successful execution of its strategy.

“The credit rating upgrade is supported by a more balanced business mix,” the bank said. “National Bank continues to solidify its strong retailing position in Quebec, grow retail earnings in the rest of Canada through its strategic partnership program, expand its distribution capabilities, and increase the diversification of its corporate and investment banking businesses.”

In addition, DBRS said it expects the conservative lending philosophy adopted by the bank will contribute to respectable asset quality in the longer term, and an improving financial risk profile should position the Bank for future growth.

“We are happy with our DBRS ratings,” Real Raymond, National Bank president and CEO. “The upgrade shows that our strategy is well conceived and that our continuing efforts of recent years to secure our strong position in Quebec and the rest of Canada are paying off.”