Bond-rating agency Standard & Poor’s has downgraded six of Canada’s financial institutions, amid a softening economy and persistent low interest rates.

S&P said Thursday it was downgrading Bank of Nova Scotia, the country’s third-biggest bank, and National Bank of Canada, the sixth-largest lender, by one notch. The agency also lowered its ratings on Central 1 Credit Union, Caisse centrale Desjardins, Home Capital Group Inc. and Laurentian Bank of Canada by one grade.

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