U.S. subsidiaries downgraded
Rating reflects superior political and economic profile and strong flexibility and performance profile, S&P says
New index benchmarks preferred share market across U.S. and Canada
Active funds fared better in other fund categories
Small-cap managers post better performance
Growing interest in passive investments
Large cap active managers lag S&P/TSX composite
Stress tests reveal banks could withstand even higher-than-expected losses
S&P affirms ratings on CIBC
Although the rating agency is concerned about the securities’ makeup, the decision does not affect the banks’ credit ratings