Production cuts drove recent price gains
Low rates, weak loan demand likely headwinds for the year ahead
The rating agency cut its default forecast based on refinancings and an economic recovery
Growing role for sustainability among financials will spread to issuers
Little room for upside, lots of potential for downside in banks' ratings
However, winners and losers may emerge, the rating agency says
Rising systemic risk could cause regulators to revise approach
Demand is expected to suffer amid higher unemployment, declining rents and stress test requirements
Moody's outlook for Canadian banks in 2021 is stable due to strong fundamentals
Without growing revenues, federal spending plans could weigh on Canada's AA rating