Credit Ratings For ING Bank Of Canada
Q: I'm curious about the "ING Bank of Canada", which has the operating name of ING Direct [ www.ingdirect.ca] . I have so far been unable to locate credit ratings (e.g. S&P, Moody's) for this bank. Financial statements for ING Bank of Canada are readily available through the Office of the Superintendent of Financial Institutions (OSFI), which for the most part lets me determine the bank's financial position; ability to pay financial obligations, etc. But I am curious as to why there does not appear to be a standard credit rating for this bank. At both www.standardandpoors.com and www.moodys.ca the ratings for the major Canadian banks are all there - Bank of Nova Scotia, Bank of Montreal, etc. as well as many smaller Canadian banks. Now I know that ING Direct is part of the international ING Group, but this does NOT necessarily mean that ING Bank of Canada can dig into that giant parent's pockets to repay its debts. I basically want to get some insight into the reliability of this particular new bank. Any ideas? Anyone already done some investigating on this bank?
A: Deposits up to $ 60 000 are insured by the government in any event. ING isn't a Canadian bank, though; it's a foreign bank operating in Canada. .