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144-932: As of 2017, Desjardins Group consists of 293 local credit unions operating 1,032 points of service and serving more than seven million members and clients, mostly in the provinces of Quebec and Ontario . Desjardins Group also operates the services of the former Canadian division of State Farm which was then acquired in 2015. In addition to retail banking , the Group has over twenty subsidiaries offering products and services related to insurance ( Desjardins Financial Security , Desjardins General Insurance ), real estate (with its Complexe Desjardins offices in Montreal and Quebec online estate agent DuProprio  [ fr ] ), venture capital funds (Desjardins Venture Capital), and brokerage (Desjardins Securities). The Desjardins Group, through subsidiary Développement international Desjardins,

288-645: A Patriote, George-Étienne Cartier entered politics in the Province of Canada, becoming one of the co-premiers and advocate for the union of the British North American provinces. He became a leading figure at the Quebec Conference, which produced the Quebec Resolutions , the foundation for Canadian Confederation. Recognized as a Father of Confederation , he successfully argued for the establishment of

432-486: A crowd of more than 100,000, making a speech ending with the exclamation: "Long live free Quebec". This declaration had a profound effect on Quebec by bolstering the burgeoning modern Quebec sovereignty movement and resulting in a political crisis between France and Canada. Following this, various civilian groups developed, sometimes confronting public authority, for example in the October Crisis of 1970. The meetings of

576-571: A diversity of plant (1000) and vertebrates (350) species, despite relatively cool temperatures. The ecozone mixed forest is characteristic of the Laurentians , the Appalachians and the eastern lowland forests. The third most northern forest area is characterized by deciduous forests . Because of its climate, this area has the greatest diversity of species, including more than 1600 vascular plants and 440 vertebrates. The total forest area of Quebec

720-707: A former executive vice president, said in 1995 that: "[W]hat's driving us is primarily the issue of preserving our track record. That's our bread and butter". In March 2021, Moody's reached a settlement with the European Union regarding alleged conflicts of interest. Moody's was fined 3.7 million euros ($ 4.35 million). The 2007–2008 financial crisis led to increased scrutiny to credit rating agencies' assessments of complex structured finance securities. Moody's and its close competitors were subject to criticism following large downgrade actions beginning in July 2007. According to

864-497: A given security in order to please the issuer. The SEC recently acknowledged, however, in its September 30, 2011 summary report of its mandatory annual examination of NRSROs that the subscriber-pays model under which Moody's operated prior to adopting the issuer pays model also "presents certain conflicts of interest inherent in the fact that subscribers, on whom the NRSRO relies, have an interest in ratings actions and could exert pressure on

1008-606: A head in 1849, when English Canadian rioters set fire to the Parliament Building in Montreal following the enactment of the Rebellion Losses Bill , a law that compensated French Canadians whose properties were destroyed during the rebellions of 1837–1838. This bill, resulting from the Baldwin - La Fontaine coalition and Lord Elgin's advice, was important as it established the notion of responsible government . In 1854,

1152-450: A new set of laws were introduced, prohibiting banks from investing in "speculative investment securities" ("junk bonds", in modern terminology) as determined by "recognized rating manuals". Banks were permitted only to hold "investment grade" bonds, following the judgment of Moody's, along with Standard, Poor's and Fitch. In the decades that followed, state insurance regulators approved similar requirements. In 1962, Moody's Investors Service

1296-522: A preliminary report underlining Quebec's distinct character, and promoted open federalism, a political attitude guaranteeing Quebec a minimum amount of consideration. To favour Quebec during its Quiet Revolution, Lester B. Pearson adopted a policy of open federalism. In 1966, the Union Nationale was re-elected and continued on with major reforms. In 1967, President of France Charles de Gaulle visited Quebec, to attend Expo 67 . There, he addressed

1440-466: A rating from Aaa to C, with Aaa being the highest quality and C the lowest quality. Moody's was founded by John Moody in 1909, to produce manuals of statistics related to stocks and bonds and bond ratings. In 1975, the company was identified as a Nationally Recognized Statistical Rating Organization (NRSRO) by the U.S. Securities and Exchange Commission . Following several decades of ownership by Dun & Bradstreet , Moody's Investors Service became

1584-721: A royal mandate to manage New France in 1627, introduced the Custom of Paris and the seigneurial system , and forbade settlement by anyone other than Catholics. In 1629, Quebec City surrendered , without battle, to English privateers during the Anglo-French War ; in 1632, the English king agreed to return it with the Treaty of Saint-Germain-en-Laye . Trois-Rivières was founded at de Champlain's request in 1634. Paul de Chomedey de Maisonneuve founded Ville-Marie (now Montreal) in 1642. In 1663,

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1728-516: A separate publicly traded company . Although Moody's had fewer than 1,500 employees in its division, it represented about 51% of Dun & Bradstreet profits in the year before the announcement. The spin-off was completed on September 30, 2000, and, in the half decade that followed, the value of Moody's shares improved by more than 300%. Structured finance went from 28% of Moody's revenue in 1998 to almost 50% in 2007, and "accounted for pretty much all of Moody's growth" during that time. According to

1872-501: A separate company in 2000. Moody's Corporation was established as a holding company. On 6 March 2024, Moody's Investors Service was renamed to Moody's Ratings. Together, Moody's, S&P and Fitch are sometimes referred to as the Big Three credit rating agencies. While credit rating agencies are sometimes viewed as interchangeable, Moody's, S&P and Fitch in fact rate bonds differently; for example, S&P and Fitch Ratings measure

2016-736: A sole basis for investment decisions. In addition, its ratings don't speak to market price, although market conditions may impact credit risk. Moody's traces its history back to two publishing companies established by John Moody , the inventor of modern bond credit ratings . In 1900, Moody published his first market assessment, called Moody's Manual of Industrial and Miscellaneous Securities , and established John Moody & Company. The publication provided detailed statistics relating to stocks and bonds of financial institutions, government agencies, manufacturing, mining, utilities, and food companies. It experienced early success, selling out its first print run in its first two months. By 1903, Moody's Manual

2160-717: A time of increased scrutiny, as Moody's was sued by unhappy issuers and investigation by the U.S. Department of Justice , as well as criticism following the Enron scandal , the U.S. subprime mortgage crisis , and the 2007–2008 financial crisis . In 1998, Dun & Bradstreet sold the Moody's publishing business to Financial Communications (later renamed Mergent ). Following several years of rumors and pressure from institutional shareholders, in December 1999 Moody's parent Dun & Bradstreet announced it would spin off Moody's Investors Service into

2304-463: A two-seat majority, having campaigned with the slogan "It's time for things to change". This government made reforms in social policy, education, health and economic development. It created the Caisse de dépôt et placement du Québec , Labour Code, Ministry of Social Affairs , Ministry of Education , Office québécois de la langue française , Régie des rentes and Société générale de financement . In 1962,

2448-665: A very small niche of the market. On July 10, 2007, in "an unprecedented move", Moody's downgraded 399 subprime mortgage-backed securities that had been issued the year before. Three months later, it downgraded another 2506 tranches ($ 33.4 billion). By the end of the crisis, Moody's downgraded 83% of all the 2006 Aaa mortgage backed security tranches and all of the Baa tranches. In June 2013, Moody's Investor Service has warned that Thailand's credit rating may be damaged due to an increasingly costly rice-pledging scheme which lost 200 billion baht ($ 6.5 billion) in 2011–2012. Moody's, along with

2592-443: Is also active in over 30 developing countries through technical assistance programs and various investments. In October 2020, Desjardins launched a social impact fund, Aequitas, which could grow to 115 millions dollars and help women and youth in developing countries. After studying European credit institutions established in the 19th century, Alphonse Desjardins in 1901 came up with an original solution adapted to North America. In

2736-734: Is based on three of its unique statutory documents: the Quebec Charter of Human Rights and Freedoms , the Charter of the French Language , and the Civil Code of Quebec . Furthermore, unlike elsewhere in Canada, law in Quebec is mixed: private law is exercised under a civil-law system, while public law is exercised under a common-law system. Quebec's official language is French; Québécois French

2880-633: Is estimated at 750,300 km (289,700 sq mi). From the Abitibi-Témiscamingue to the North Shore , the forest is composed primarily of conifers such as the Abies balsamea , the jack pine , the white spruce , the black spruce and the tamarack . The deciduous forest of the Great Lakes–St. Lawrence Lowlands is mostly composed of deciduous species such as the sugar maple , the red maple ,

3024-456: Is located in Central Canada . The province shares land borders with the provinces of Ontario to the west, Newfoundland and Labrador to the northeast, New Brunswick to the southeast and a coastal border with the territory of Nunavut . To the north, it is flanked by major bodies of water such as James Bay , Hudson Bay , Hudson Strait , Ungava Bay , Arctic and Atlantic Oceans, and in

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3168-817: Is now called the Conscription Crisis of 1917 , which led to the Quebec riot  [ fr ] . In 1919, the prohibition of spirits was enacted following a provincial referendum . But, prohibition was abolished in 1921 due to the Alcoholic Beverages Act which created the Commission des liqueurs du Québec . In 1927, the British Judicial Committee of the Privy Council drew a clear border between northeast Quebec and south Labrador . However,

3312-405: Is the bond credit rating business of Moody's Corporation , representing the company's traditional line of business and its historical name. Moody's Ratings provides international financial research on bonds issued by commercial and government entities. Moody's, along with Standard & Poor's and Fitch Group , is considered one of the Big Three credit rating agencies . It is also included in

3456-462: Is the regional variety . Quebec is the only Francophone -majority province. The economy of Quebec is mainly supported by its large service sector and varied industrial sector. For exports, it leans on the key industries of aeronautics , where it is the 6th largest worldwide seller, hydroelectricity , mining, pharmaceuticals , aluminum, wood, and paper. Quebec is well known for producing maple syrup , for its comedy , and for making hockey one of

3600-539: Is the tundra, whose flora is limited to lichen with less than 50 growing days per year. Further south, the climate is conducive to the growth of the Canadian boreal forest , bounded on the north by the taiga. Not as arid as the tundra, the taiga is associated with the subarctic regions of the Canadian Shield and is characterized by a greater number of both plant (600) and animal (206) species. The taiga covers about 20% of

3744-668: Is very different from one region to another due to the varying composition of the ground, the climate, and the proximity to water. More than 95% of Quebec's territory, including the Labrador Peninsula , lies within the Canadian Shield . It is generally a quite flat and exposed mountainous terrain interspersed with higher points such as the Laurentian Mountains in southern Quebec, the Otish Mountains in central Quebec and

3888-479: Is very sparsely populated. The most populous physiographic region is the Great Lakes–St. Lawrence Lowlands . The combination of rich soils and the lowlands' relatively warm climate makes this valley the most prolific agricultural area of Quebec. The rural part of the landscape is divided into narrow rectangular tracts of land that extend from the river and date back to the seigneurial system. Quebec's topography

4032-636: The Battle of Saint-Denis . However, they were unorganized and badly equipped, leading to their loss against the British army in the Battle of Saint-Charles , and defeat in the Battle of Saint-Eustache . In response to the rebellions, Lord Durham was asked to undertake a study and prepare a report offering a solution to the British Parliament. Durham recommended that Canadiens be culturally assimilated , with English as their only official language. To do this,

4176-652: The Bloc Populaire emerged to fight conscription. The stark differences between the values of French and English Canada popularized the expression the " Two Solitudes ". In the wake of the conscription crisis, Maurice Duplessis of the Union Nationale ascended to power and implemented conservative policies known as the Grande Noirceur . He focused on defending provincial autonomy , Quebec's Catholic and francophone heritage, and laissez-faire liberalism instead of

4320-519: The Estates General of French Canada in 1967 marked a tipping point where relations between francophones of America , and especially francophones of Canada, ruptured. This breakdown affected Quebec society's evolution. In 1968, class conflicts and changes in mentalities intensified. Option Quebec sparked a constitutional debate on the political future of the province by pitting federalist and sovereignist doctrines against each other. In 1969,

4464-521: The European sovereign debt crisis . Moody's has occasionally faced litigation from entities whose bonds it has rated on an unsolicited basis, and investigations concerning such unsolicited ratings. In October 1995, the school district of Jefferson County, Colorado sued Moody's, claiming the unsolicited assignment of a "negative outlook" to a 1993 bond issue was based on Jefferson County having selected S&P and Fitch to do its rating. Moody's rating raised

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4608-513: The Financial Crisis Inquiry Report , during the years 2005, 2006, and 2007, rating of structured finance products such as mortgage-backed securities made up close to half of Moody's rating revenues. From 2000 to 2007, revenues from rating structured financial instruments increased more than fourfold. However, there was some question about the models Moody's used to give structured products high ratings. In June 2005, shortly before

4752-806: The Financial Crisis Inquiry Report, 73% of the mortgage-backed securities Moody's had rated triple-A in 2006 were downgraded to junk by 2010. In its "Conclusions on Chapter 8", the Financial Crisis Inquiry Commission stated: "There was a clear failure of corporate governance at Moody's, which did not ensure the quality of its ratings on tens of thousands of mortgage-backed securities and CDOs." Faced with having to put more capital against lower rated securities, investors such as banks, pension funds and insurance companies sought to sell their residential mortgage-backed securities (RMBS) and collateralized debt obligation (CDO) holdings. The value of these securities held by financial firms declined, and

4896-614: The Fortune 500 list of 2021. The company ranks the creditworthiness of borrowers using a standardized ratings scale which measures expected investor loss in the event of default . Moody's Ratings rates debt securities in several bond market segments. These include government , municipal and corporate bonds ; managed investments such as money market funds and fixed-income funds; financial institutions including banks and non-bank finance companies; and asset classes in structured finance . In Moody's Ratings system, securities are assigned

5040-749: The Great Peace of Montreal , which not only confirmed the alliance between the Algonquian and New France, but definitively ended the Iroquois Wars. From 1688 onwards, the fierce competition between the French and British to control North America's interior and monopolize fur trade pitted New France and its Indigenous allies against the Iroquois and English in four successive wars called the French and Indian Wars by Americans, and

5184-650: The Legislative Assembly of the Province of Canada , which created representation problems. In the beginning, Canada East was underrepresented because of its superior population size. Over time, however, massive immigration from the British Isles to Canada West occurred. Since the two regions continued to have equal representation, this meant it was now Canada West that was under-represented. The representation issues were called into question by debates on "Representation by Population" . The British population began to use

5328-539: The Lower Canada Rebellion began in 1837. In 1837, Louis-Joseph Papineau and Robert Nelson led residents of Lower Canada to form an armed group called the Patriotes . They made a Declaration of Independence in 1838, guaranteeing rights and equality for all citizens without discrimination. Their actions resulted in rebellions in both Lower and Upper Canada . The Patriotes were victorious in their first battle,

5472-696: The North-West Rebellion , the Manitoba Schools Question and Ontario's Regulation 17 turned the promotion and defence of the rights of French Canadians into an important concern. Under the aegis of the Catholic Church and the political action of Henri Bourassa , symbols of national pride were developed, like the Flag of Carillon , and " O Canada " – a patriotic song composed for Saint-Jean-Baptiste Day . Many organizations went on to consecrate

5616-640: The Ohio Valley , as authorities in New France became more aggressive in efforts to expel British traders and colonists. In 1754, George Washington launched a surprise attack on a group of sleeping Canadien soldiers, known as the Battle of Jumonville Glen , the first battle of the war. In 1755, Governor Charles Lawrence and Officer Robert Monckton ordered the forceful explusion of the Acadians . In 1758, on Île-Royale, British General James Wolfe besieged and captured

5760-563: The Parti Québécois was brought to power in the 1976 Quebec general election . The Charter of the French Language came into force the following year, which increased the use of French. Between 1966-69, the Estates General of French Canada confirmed the state of Quebec to be the nation's fundamental political milieu and for it to have the right to self-determination . In the 1980 referendum on sovereignty, 60% were against. After

5904-580: The Quiet Revolution of the 1960s to 1980s increased the role of the Government of Quebec in l'État québécois (the public authority of Quebec). The Government of Quebec functions within the context of a Westminster system and is both a liberal democracy and a constitutional monarchy . The Premier of Quebec acts as head of government . Independence debates have played a large role in Quebec politics . Quebec society's cohesion and specificity

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6048-792: The Saint Lawrence Seaway has provided a navigable link between the Atlantic Ocean and the Great Lakes. The public lands of Quebec cover approximately 92% of its territory, including almost all of the bodies of water. Protected areas can be classified into about twenty different legal designations (ex. exceptional forest ecosystem, protected marine environment, national park , biodiversity reserve , wildlife reserve, zone d'exploitation contrôlée (ZEC), etc.). More than 2,500 sites in Quebec today are protected areas. As of 2013, protected areas comprise 9.14% of Quebec's territory. In general,

6192-605: The Seven Years' War , Canada became a British colony , first as the Province of Quebec (1763–1791), then Lower Canada (1791–1841), and lastly part of the Province of Canada (1841–1867) as a result of the Lower Canada Rebellion . It was confederated with Ontario, Nova Scotia , and New Brunswick in 1867. Until the early 1960s , the Catholic Church played a large role in the social and cultural institutions in Quebec. However,

6336-650: The Torngat Mountains near Ungava Bay . While low and medium altitude peaks extend from western Quebec to the far north, high altitudes mountains emerge in the Capitale-Nationale region to the extreme east. Quebec's highest point at 1,652 metres (5,420 ft) is Mont d'Iberville, known in English as Mount Caubvick . In the Labrador Peninsula portion of the Shield, the far northern region of Nunavik includes

6480-445: The commercial mortgage-backed securities (CMBS) market in 2007. In April 2013, Moody's, along with Standard & Poor's and Morgan Stanley , settled fourteen lawsuits filed by groups including Abu Dhabi Commercial Bank and King County, Washington . The lawsuits alleged that the agencies inflated their ratings on purchased structured investment vehicles. In January 2017, Moody's agreed to pay nearly $ 864 million to settle with

6624-434: The commercial paper held by money market funds . The SEC has designated seven other firms as NRSROs, including, for example, A. M. Best , which focuses on obligations of insurance companies . Companies with which Moody's competes in specific areas include investment research company Morningstar, Inc. and publishers of financial information for investors such as Thomson Reuters and Bloomberg L.P. Especially since

6768-644: The federal elections of 1911 . In 1912, the Canadian Parliament enacted the Quebec Boundaries Extension Act, 1912 , which gave Quebec another part of Rupert's Land: the District of Ungava . This extended the borders of Quebec northward to the Hudson Strait . When World War I broke out, Canada was automatically involved and many English Canadians volunteered. However, because they did not feel

6912-561: The fur trade reignited French interest; New France became a colonial trading post . In 1603, Samuel de Champlain travelled to the Saint Lawrence River and, on Pointe Saint-Mathieu, established a defence pact with the Innu, Maliseet and Micmacs, that would be "a decisive factor in the maintenance of a French colonial enterprise in America despite an enormous numerical disadvantage vis-à-vis

7056-634: The muskellunge , the Atlantic cod , the Arctic char , the brook trout , the Microgadus tomcod (tomcod), the Atlantic salmon , and the rainbow trout . Among the birds commonly seen in the southern part of Quebec are the American robin , the house sparrow , the red-winged blackbird , the mallard , the common grackle , the blue jay , the American crow , the black-capped chickadee , some warblers and swallows ,

7200-401: The provincial general elections . Between 2020-21, Quebec took measures against the COVID-19 pandemic . In 2022, Coalition Avenir Québec, led by Quebec's premier François Legault , increased its parliamentary majority in the provincial general elections. Located in the eastern part of Canada, Quebec occupies a territory nearly three times the size of France or Texas . Most of Quebec

7344-533: The starling and the rock pigeon . Avian fauna includes birds of prey like the golden eagle , the peregrine falcon , the snowy owl and the bald eagle . Sea and semi-aquatic birds seen in Quebec are mostly the Canada goose , the double-crested cormorant , the northern gannet , the European herring gull , the great blue heron , the sandhill crane , the Atlantic puffin and the common loon . Moody%27s Moody's Ratings , previously known as Moody's Investors Service and often referred to as Moody's ,

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7488-399: The white ash , the American beech , the butternut (white walnut) , the American elm , the basswood , the bitternut hickory and the northern red oak as well as some conifers such as the eastern white pine and the northern whitecedar . The distribution areas of the paper birch , the trembling aspen and the mountain ash cover more than half of Quebec's territory. Biodiversity of

7632-435: The Americans in the Saratoga campaign of 1777. When the British recognized the independence of the rebel colonies at the signing of the Treaty of Paris of 1783, it conceded Illinois and the Ohio Valley to the newly formed United States and denoted the 45th parallel as its border, drastically reducing Quebec's size. Some United Empire Loyalists from the US migrated to Quebec and populated various regions. Dissatisfied with

7776-444: The Anglo-American conglomerates that dominated the economy and natural resources, announced a collective will for freedom of the French-Canadian people. As a result of confrontations between the lower clergy and the laity , state institutions began to deliver services without the assistance of the church, and many parts of civil society began to be more secular. In 1965, the Royal Commission on Bilingualism and Biculturalism wrote

7920-416: The Bloc Québécois in favour of the previously minor New Democratic Party (NDP). As the NDP's logo is orange, this was called the "orange wave". After three subsequent Liberal governments, the Parti Québécois regained power in 2012 and its leader, Pauline Marois , became the first female premier of Quebec. The Liberal Party of Quebec then returned to power in 2014. In 2018, the Coalition Avenir Québec won

8064-420: The British acquired Canada in 1763, the British government established a constitution for the newly acquired territory, under the Royal Proclamation . The Canadiens were subordinated to the government of the British Empire and circumscribed to a region of the St. Lawrence Valley and Anticosti Island called the Province of Quebec . With unrest growing in their southern colonies, the British were worried that

8208-470: The British passed the Act of Union 1840 , which merged Upper Canada and Lower Canada into a single colony: the Province of Canada . Lower Canada became the francophone and densely populated Canada East , and Upper Canada became the anglophone and sparsely populated Canada West . This union, unsurprisingly, was the main source of political instability until 1867. Despite their population gap, Canada East and Canada West obtained an identical number of seats in

8352-423: The British". Thus also began French military support to the Algonquian and Huron peoples against Iroquois attacks; these became known as the Iroquois Wars and lasted from the early 1600s to the early 1700s. In 1608, Samuel de Champlain returned to the region as head of an exploration party. On July 3, 1608, with the support of King Henry IV , he founded the Habitation de Québec (now Quebec City) and made it

8496-427: The Canadian Parliament enacted the Quebec Boundary Extension Act, 1898 , which gave Quebec part of Rupert's Land, which Canada had bought from the Hudson's Bay Company in 1870. This act expanded the boundaries of Quebec northward. In 1909, the government passed a law obligating wood and pulp to be transformed in Quebec, which helped slow the Grande Hémorragie by allowing Quebec to export its finished products to

8640-426: The Canadian constitution and made modifications to it. The 1982 amendments apply to Quebec despite Quebec never having consented to it. Between 1982-92, the Quebec government's attitude changed to prioritize reforming the federation. Attempts at constitutional amendments by the Mulroney and Bourassa governments ended in failure with the Meech Lake Accord of 1987 and the Charlottetown Accord of 1992, resulting in

8784-531: The Canadian operations of U.S.-based insurance giant State Farm . The policies were transferred to be underwritten by Desjardins Insurance on January 1, 2015. The State Farm brand continued to be used for agents and marketing until 2018. On January 3, 2017, Desjardins Group announced the closing of the sale of its pet health insurance company, Western Financial Insurance Company to Economical Mutual Insurance Company. Western Financial Insurance Company and its flagship brand, Petsecure were purchased in 2011 as part of

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8928-459: The Canadiens might support what would become the American Revolution . To secure allegiance to the British crown, Governor James Murray and later Governor Guy Carleton promoted the need for accommodations, resulting in the enactment of the Quebec Act of 1774. This act allowed Canadiens to regain their civil customs , return to the seigneural system, regain certain rights including use of French, and reappropriate their old territories: Labrador,

9072-429: The Company of New France ceded Canada to King Louis XIV , who made New France into a royal province of France. New France was now a true colony administered by the Sovereign Council of New France from Quebec City. A governor-general , governed Canada and its administrative dependencies: Acadia, Louisiana and Plaisance. The French settlers were mostly farmers and known as " Canadiens " or " Habitants ". Though there

9216-611: The Department of Justice, other state authorities and Washington. A fine of $ 437.5 million would be paid to the DOJ , and the remaining $ 426.3 million penalty would be split among 21 states and the District of Columbia . Then California Attorney General Kamala Harris and then Missouri Attorney General Joshua Hawley were among the state signatories to the settlement. In March 2013 Moody's Investors Service published their report entitled Cash Pile Grows 10% to $ 1.45 Trillion; Overseas Holdings Continue to Expand in their Global Credit Research series, in which they examined companies they rate in

9360-444: The European explorations of the 1500s, there were eleven Indigenous peoples : the Inuit and ten First Nations  – the Abenakis , Algonquins (or Anichinabés), Atikamekw , Cree , Huron-Wyandot , Maliseet , Miꞌkmaqs , Iroquois , Innu and Naskapis . Algonquians organized into seven political entities and lived nomadic lives based on hunting, gathering, and fishing. Inuit fished and hunted whales and seals along

9504-442: The Fortress of Louisbourg. This allowed him to control access to the Gulf of St. Lawrence through the Cabot Strait . In 1759, he besieged Quebec for three months from Île d'Orléans . Then, Wolfe stormed Quebec and fought against Montcalm for control of the city in the Battle of the Plains of Abraham . After a British victory, the king's lieutenant and Lord of Ramezay concluded the Articles of Capitulation of Quebec . During

9648-409: The Great Lakes, the Ohio Valley, Illinois Country and the Indian Territory . As early as 1774, the Continental Congress of the separatist Thirteen Colonies attempted to rally the Canadiens to its cause. However, its military troops failed to defeat the British counteroffensive during its Invasion of Quebec in 1775. Most Canadiens remained neutral, though some regiments allied themselves with

9792-451: The Intercolonial Wars in Quebec. The first three were King William's War (1688–1697), Queen Anne's War (1702–1713), and King George's War (1744–1748). In 1713, following the Peace of Utrecht , the Duke of Orléans ceded Acadia and Plaisance Bay to Great Britain, but retained Île Saint-Jean , and Île-Royale where the Fortress of Louisbourg was subsequently erected. These losses were significant since Plaisance Bay

9936-477: The NRSRO for certain outcomes". Other alleged conflicts of interest, also the subject of a Department of Justice investigation the mid-1990s, raised the question of whether Moody's pressured issuers to use its consulting services upon threat of a lower bond rating. Moody's has maintained that its reputation in the market is the balancing factor, and a 2003 study, covering 1997 to 2002, suggested that "reputation effects" outweighed conflicts of interest. Thomas McGuire,

10080-454: The National Assembly voted unanimously to affirm "that the people of Québec form a nation". On November 27, 2006, the House of Commons passed a symbolic motion declaring "that this House recognize that the Québécois form a nation within a united Canada." In 2007, the Parti Québécois was pushed back to official opposition in the National Assembly, with the Liberal party leading. During the 2011 Canadian federal elections , Quebec voters rejected

10224-421: The Province of Canada, and used the old borders of Lower Canada for Quebec, and Upper Canada for Ontario. On July 15, 1867, Pierre-Joseph-Olivier Chauveau became Quebec's first premier . From Confederation until World War I, the Catholic Church was at its peak. The objective of clerico-nationalists was promoting the values of traditional society: family, French, the Catholic Church and rural life. Events such as

10368-763: The Quebec government did not recognize the ruling of the Judicial Committee, resulting in a boundary dispute which remains ongoing . The Statute of Westminster 1931 was enacted, and confirmed the autonomy of the Dominions – including Canada and its provinces – from the UK, as well as their free association in the Commonwealth . In the 1930s, Quebec's economy was affected by the Great Depression because it greatly reduced US demand for Quebec exports. Between 1929-32

10512-514: The US instead of its labour force. In 1910, Armand Lavergne passed the Lavergne Law , the first language legislation in Quebec. It required use of French alongside English on tickets, documents, bills and contracts issued by transportation and public utility companies. At this time, companies rarely recognized the majority language of Quebec. Clerico-nationalists eventually started to fall out of favour in

10656-659: The Ungava Peninsula and consists of flat Arctic tundra inhabited mostly by the Inuit. Further south is the Eastern Canadian Shield taiga ecoregion and the Central Canadian Shield forests . The Appalachian region has a narrow strip of ancient mountains along the southeastern border of Quebec. Quebec has one of the world's largest reserves of fresh water , occupying 12% of its surface and representing 3% of

10800-510: The United States their credit ratings are used in regulation by the U.S. Securities and Exchange Commission as Nationally Recognized Statistical Rating Organizations (NRSROs) for a variety of regulatory purposes. Among the effects of regulatory use was to enable lower-rated companies to sell bond debt for the first time; their lower ratings merely distinguished them from higher-rated companies, rather than excluding them altogether, as had been

10944-584: The Western Financial Group deal. On July 5, 2017, Trimont Financial, a wholly owned subsidiary of the Wawanesa Mutual Insurance Company, announced the completion of its purchase of the remainder of Western Financial Group from Desjardins Group for $ 775 million. Included in the sale were Western Financial Group's Brokerage Network, Western Financial Group Insurance Solutions, and Western Life Assurance. In 2018, State Farm Canada

11088-637: The affirmation of the French-Canadian people, including the caisses populaires Desjardins in 1900, the Club de hockey Canadien in 1909, Le Devoir in 1910, the Congress on the French language in Canada in 1912, and L'Action nationale in 1917. In 1885, liberal and conservative MPs formed the Parti national out of anger with the previous government for not having interceded in the execution of Louis Riel . In 1898,

11232-469: The capital of New France and its regions. The settlement was built as a permanent fur trading outpost, where First Nations traded furs for French goods, such as metal objects, guns, alcohol, and clothing. Missionary groups arrived in New France after the founding of Quebec City. Coureurs des bois and Catholic missionaries used river canoes to explore the interior and establish fur trading forts. The Compagnie des Cent-Associés , which had been granted

11376-548: The case. However, another aspect of mechanical use of ratings by regulatory agencies has been to reinforce "pro-cyclical" and "cliff effects" of downgrades. In October 2010, the Financial Stability Board (FSB) created a set of "principles to reduce reliance" on credit rating agencies in the laws, regulations and market practices of G-20 member countries . Since the early 1990s, the SEC has also used NRSRO ratings in measuring

11520-418: The climate of Quebec is cold and humid, with variations determined by latitude, maritime and elevation influences. Because of the influence of both storm systems from the core of North America and the Atlantic Ocean, precipitation is abundant throughout the year, with most areas receiving more than 1,000 mm (39 in) of precipitation, including over 300 cm (120 in) of snow in many areas. During

11664-510: The coasts of Hudson and Ungava Bays. In the 15th century, the Byzantine Empire fell , prompting Western Europeans to search for new sea routes to the Far East . Around 1522–23, Giovanni da Verrazzano persuaded King Francis I of France to commission an expedition to find a western route to Cathay (China) via a Northwest Passage . Though this expedition was unsuccessful, it established

11808-499: The colony. In 1666, intendant Jean Talon organized the first census and counted 3,215 Habitants. Talon enacted policies to diversify agriculture and encourage births, which, in 1672, had increased the population to 6,700. New France's territory grew to extend from Hudson Bay to the Gulf of Mexico , and would encompass the Great Lakes . In the early 1700s, Governor Callières concluded

11952-468: The company as Moody's Investors Service. Other rating companies followed over the next few years, including the antecedents of the " Big Three " credit rating agencies: Poor's in 1916, Standard Statistics Company in 1922, and the Fitch Publishing Company in 1924. Moody's expanded its focus to include ratings for U.S. state and local government bonds in 1919 and, by 1924, Moody's rated nearly

12096-514: The company's outlook "stable," while Moody's and DBRS rated it "negative." [REDACTED] Media related to Caisses Desjardins at Wikimedia Commons Quebec Quebec is one of the thirteen provinces and territories of Canada . It is the largest province by area with an area of 1.5 million square kilometres (0.58 million square miles) and more than 12,000 km (7,500 mi) of borders, in North America , Quebec

12240-743: The creation of the Bloc Québécois . In 1995, Jacques Parizeau called a referendum on Quebec's independence from Canada. This consultation ended in failure for sovereignists, though the outcome was very close: 50.6% "no" and 49.4% "yes". In 1998, following the Supreme Court of Canada 's decision on the Reference Re Secession of Quebec , the Parliaments of Canada and Quebec defined the legal frameworks within which their respective governments would act in another referendum. On October 30, 2003,

12384-461: The credit risk of particular securities. This form of third party analysis is particularly useful for smaller and less sophisticated investors, as well as for all investors to use as an external comparison for their own judgments. Credit rating agencies also play an important role in the laws and regulations of the United States and several other countries, such as those of the European Union . In

12528-413: The early 2000s, Moody's frequently makes its analysts available to journalists, and issues regular public statements on credit conditions. Moody's, like S&P, organizes public seminars to educate first-time securities issuers on the information it uses to analyze debt securities. Moody's purchased a controlling share in the " climate risk data firm" Four Twenty Seven in 2019. According to Moody's,

12672-546: The east (Franco-Catholic). Lower Canada's lands consisted of the coasts of the Saint Lawrence River, Labrador and Anticosti Island, with the territory extending north to Rupert's Land , and south, east and west to the borders with the US, New Brunswick, and Upper Canada. The creation of Upper and Lower Canada allowed Loyalists to live under British laws and institutions, while Canadiens could maintain their French civil law and Catholic religion. Governor Haldimand drew Loyalists away from Quebec City and Montreal by offering free land on

12816-470: The emerging welfare state . However, as early as 1948, French Canadian society began to develop new ideologies and desires in response to societal changes such as the television, the baby boom , workers' conflicts , electrification of the countryside, emergence of a middle class , the rural exodus and urbanization , expansion of universities and bureaucracies, creation of motorways , renaissance of literature and poetry, and others. The Quiet Revolution

12960-462: The entire U.S. bond market. The relationship between the U.S. bond market and rating agencies developed further in the 1930s. As the market grew beyond that of traditional investment banking institutions, new investors again called for increased transparency, leading to the passage of new, mandatory disclosure laws for issuers, and the creation of the Securities and Exchange Commission (SEC). In 1936

13104-454: The estuary and gulf of Saint Lawrence River includes aquatic mammal wildlife, such as the blue whale , the beluga , the minke whale and the harp seal (earless seal). The Nordic marine animals include the walrus and the narwhal . Inland waters are populated by small to large freshwater fish, such as the largemouth bass , the American pickerel , the walleye , the Acipenser oxyrinchus ,

13248-758: The federal Official Languages Act was passed to introduce a linguistic context conducive to Quebec's development. In 1973, the liberal government of Robert Bourassa initiated the James Bay Project on La Grande River . In 1974, it enacted the Official Language Act , which made French the official language of Quebec. In 1975, it established the Charter of Human Rights and Freedoms and the James Bay and Northern Quebec Agreement . Quebec's first modern sovereignist government, led by René Lévesque , materialized when

13392-449: The federal government pledged not to conscript soldiers for overseas service. As the war went on, more and more English Canadians voiced support for conscription, despite firm opposition from French Canada. Following a 1942 poll that showed 73% of Quebec's residents were against conscription, while 80% or more were for conscription in every other province, the federal government passed Bill 80 for overseas service. Protests exploded and

13536-449: The former Province of Ontario Savings Office , which it branded Desjardins Credit Union and operated until 2011. This institution was then merged into Meridian Credit Union . (The similarly-named Desjardins Ontario Credit Union , formed 1 January 2020 with the merger of 11 Ontario Desjardins-affiliated credit unions and their federation into one, is not the same entity and continues as a going concern.) In 2014, Desjardins Group acquired

13680-618: The global capital market expand; Moody's opened its first overseas offices in Japan in 1985, followed by offices in the United Kingdom in 1986, France in 1988, Germany in 1991, Hong Kong in 1994, India in 1998 and China in 2001. The number of bonds rated by Moody's and the Big Three agencies grew substantially as well. As of 1997, Moody's was rating about $ 5 trillion in securities from 20,000 U.S. and 1,200 non-U.S. issuers. The 1990s and 2000s were also

13824-449: The government of Quebec dismantled the financial syndicates of Saint Jacques Street . Quebec began to nationalize its electricity . In order to buy out all the private electric companies and build new Hydro-Québec dams, Quebec was lent $ 300 million by the US in 1962, and $ 100 million by British Columbia in 1964. The Quiet Revolution was particularly characterized by the 1962 Liberal Party's slogan "Masters in our own house", which, to

13968-568: The higher elevations. The northern regions of Quebec have an arctic climate (Köppen ET ), with very cold winters and short, much cooler summers. The primary influences in this region are the Arctic Ocean currents (such as the Labrador Current ) and continental air masses from the High Arctic . The all-time record high temperature was 40.0 °C (104.0 °F) and the all-time record low

14112-532: The highest to the lowest tier". In May 2008, Moody's proposed adding "volatility scores and loss sensitivities" to its existing rankings. Although the rating agencies were criticized for "technical failings and inadequate resources", the FSB stated that the agencies' "need to repair their reputation was seen as a powerful force" for change. Moody's has in fact lost market share in certain sectors due to its tightened rating standards on some asset-backed securities, for example

14256-495: The increasing availability of inexpensive photocopy machines , and the increased complexity of the financial markets. Rating agencies also grew in size as the number of issuers grew, both in the United States and abroad, making the credit rating business significantly more profitable. In 2005 Moody's estimated that 90% of credit rating agency revenues came from issuer fees. The end of the Bretton Woods system in 1971 led to

14400-413: The issuing cost to Jefferson County by $ 769,000. Moody's argued that its assessment was "opinion" and therefore constitutionally protected; the court agreed, and the decision was upheld on appeal. In the mid-1990s, the U.S. Justice Department 's antitrust division opened an investigation to determine whether unsolicited ratings amounted to an illegal exercise of market power , however the investigation

14544-617: The late 1990s, the number of caisses was reduced from 1275 to 800. Between 2008 and 2010, total assets at Desjardins Group grew over 15% from Can$ 151.9 billion (when it ranked sixth in Canada and first in Quebec among financial institutions ahead of the National Bank of Canada ) to over $ 175 billion in 2010. In 2006, it had 6,500 elected and volunteer officers and employed over 40,000 people and gave its members $ 483 million in patronage allocations and $ 64 million in donations, sponsorships and academic scholarships. Most of

14688-593: The latter sum was used on regional economic development and health programs as well. In that same year, in March 2008, the election of Monique Leroux at the head of the group marked the history of Canada by becoming "Canada's largest company headed by a woman". In December 2010, it acquired the 121 offices and 500,000 customers of Western Financial for $ 443 million, giving it a presence in British Columbia, Alberta, Saskatchewan, and Manitoba. In 2003, Desjardins bought

14832-592: The legal rights under the French seigneurial régime which applied in Quebec, and wanting to use the British legal system to which they were accustomed, the Loyalists protested to British authorities until the Constitutional Act of 1791 was enacted, dividing the Province of Quebec into two distinct colonies starting from the Ottawa River : Upper Canada to the west (predominantly Anglo-Protestant) and Lower Canada to

14976-560: The legend of the Kingdom of Saguenay to the King, inspiring him to order a third expedition, this time led by Jean-François de La Rocque de Roberval ; it was unsuccessful in its goal of finding the kingdom. After these expeditions, France mostly abandoned North America for 50 years because of its financial crisis; France was involved in the Italian Wars and religious wars. Around 1580, the rise of

15120-480: The liberalization of financial regulations, and the global expansion of capital markets in the 1970s and 1980s. In 1975, the SEC changed its minimum capital requirements for broker-dealers , using bond ratings as a measurement. Moody's and nine other agencies (later five, due to consolidation) were identified by the SEC as "nationally recognized statistical ratings organizations" (NRSROs) for broker-dealers to use in meeting these requirements. The 1980s and beyond saw

15264-604: The market for new subprime securitizations dried up. Some academics and industry observers have argued that the rating agencies' mass downgrades were part of the " perfect storm " of events leading up to the 2007–2008 financial crisis . In 2008, a study group established by the Committee on the Global Financial System (CGFS), a committee of the Bank for International Settlements , found that rating agencies had underestimated

15408-534: The mid-2000s from Hannover Re , a German insurer that lost $ 175 million in market value when its bonds were lowered to "junk" status. In 2005, unsolicited ratings were at the center of a subpoena by the New York Attorney General 's office under Eliot Spitzer , but again no charges were filed. Following the 2007–2008 financial crisis , the SEC adopted new rules for the rating agency industry, including one to encourage unsolicited ratings. The intent of

15552-461: The most popular sports in Canada . It is also renowned for its culture ; the province produces literature , music , films , TV shows , festivals , and more. The name Québec comes from an Algonquin word meaning 'narrow passage' or 'strait'. The name originally referred to the area around Quebec City where the Saint Lawrence River narrows to a cliff-lined gap. Early variations in

15696-690: The name New France for northeast North America. In his first expedition ordered from the Kingdom of France, Jacques Cartier became the first European explorer to discover and map Quebec when he landed in Gaspé on July 24, 1534. In the second expedition, in 1535, Cartier explored the lands of Stadacona and named the village and its surrounding territories Canada (from kanata , 'village' in Iroquois ). Cartier returned to France with about 10 St. Lawrence Iroquoians , including Chief Donnacona . In 1540, Donnacona told

15840-574: The next hundred years. This phenomenon is known as the Grande Hémorragie and threatened the survival of the Canadien nation. The massive British immigration ordered from London that followed the failed rebellion, compounded this. To combat it, the Church adopted the revenge of the cradle policy. In 1844, the capital of the Province of Canada was moved from Kingston to Montreal. Political unrest came to

15984-692: The north shore of Lake Ontario to anyone willing to swear allegiance to George III. During the War of 1812 , Charles-Michel de Salaberry became a hero by leading the Canadian troops to victory at the Battle of the Chateauguay . This loss caused the Americans to abandon the Saint Lawrence Campaign, their major strategic effort to conquer Canada. Gradually, the Legislative Assembly of Lower Canada , who represented

16128-438: The other major credit rating agencies, is often the subject of criticism from countries whose public debt is downgraded, generally claiming increased cost of borrowing as a result of the downgrade. Examples of sovereign debt downgrades that attracted significant media attention at the time include Australia in the 1980s, Canada and Japan in the 1990s, Thailand during the 1997 Asian financial crisis , and Portugal in 2011 following

16272-571: The people, came into conflict with the superior authority of the Crown and its appointed representatives . Starting in 1791, the government of Lower Canada was criticized and contested by the Parti canadien . In 1834, the Parti canadien presented its 92 resolutions , political demands which expressed loss of confidence in the British monarchy . Discontentment intensified throughout the public meetings of 1837, and

16416-511: The probability that a security will default, while Moody's ratings seek to measure the expected losses in the event of a default. All three operate worldwide, maintaining offices on six continents, and rating tens of trillions of dollars in securities. However, only Moody's Corporation is a free-standing company. Moody's Ratings and its close competitors play a key role in global capital markets as three supplementary credit analysis provider for banks and other financial institutions in assessing

16560-742: The province of Quebec, initially composed of the historic heart of the territory of the French Canadian nation and where French Canadians would most likely retain majority status. Following the London Conference of 1866 , the Quebec Resolutions were implemented as the British North America Act, 1867 and brought into force on July 1, 1867, creating Canada. Canada was composed of four founding provinces: New Brunswick, Nova Scotia, Ontario and Quebec. These last two came from splitting

16704-446: The purpose of its ratings is to "provide investors with a simple system of gradation by which future relative creditworthiness of securities may be gauged". To each of its ratings from Aa through Caa, Moody's appends numerical modifiers 1, 2 and 3; the lower the number, the higher-end the rating. Aaa, Ca and C are not modified this way. As Moody's explains, its ratings are "not to be construed as recommendations", nor are they intended to be

16848-529: The referendum, Lévesque went back to Ottawa to start negotiating constitutional changes. On November 4, 1981, the Kitchen Accord took place. Delegations from the other nine provinces and the federal government reached an agreement in the absence of Quebec's delegation, which had left for the night. Because of this, the National Assembly refused to recognize the new Constitution Act, 1982 , which patriated

16992-650: The results of the Seven Years' War in Europe, New France was put under a British military regime led by Governor James Murray . In 1762, Commander Jeffery Amherst ended the French presence in Newfoundland at the Battle of Signal Hill . France secretly ceded the western part of Louisiana and the Mississippi River Delta to Spain via the Treaty of Fontainebleau . On February 10, 1763, the Treaty of Paris concluded

17136-405: The rule is to counteract potential conflicts of interest in the issuer-pays model by ensuring a "broader range of views on the creditworthiness" of a security or instrument. The "issuer pays" business model adopted in the 1970s by Moody's and other rating agencies has been criticized for creating a possible conflict of interest , supposing that rating agencies may artificially boost the rating of

17280-576: The same connection to the British Empire and there was no direct threat to Canada, French Canadians saw no reason to fight. By late 1916, casualties were beginning to cause reinforcement problems. After enormous difficulty in the federal government, because almost every French-speaking MP opposed conscription while almost all English-speaking MPs supported it, the Military Service Act became law on August 29, 1917. French Canadians protested in what

17424-607: The seigneurial system was abolished, the Grand Trunk Railway was built and the Canadian–American Reciprocity Treaty was implemented. In 1866, the Civil Code of Lower Canada was adopted. In 1864, negotiations began for Canadian Confederation between the Province of Canada, New Brunswick and Nova Scotia at the Charlottetown Conference and Quebec Conference . After having fought as

17568-601: The severity of the subprime mortgage crisis , as had "many market participants". According to the CGFS, significant contributing factors included "limited historical data" and an underestimation of "originator risk" factors. The CGFS also found that agency ratings should "support, not replace, investor due diligence" and that agencies should provide "better information on the key risk factors" of structured finance ratings. In October 2007, Moody's further refined its criteria for originators, "with loss expectations increasing significantly from

17712-586: The south, it shares a border with the United States . It is the second-largest province by population , with the majority of its population residing in the St. Lawrence River valley, which contains its most populous city of Montreal and the eponymous provincial capital of Quebec . Between 1534 and 1763, what is now Quebec was the French colony of Canada and was the most developed colony in New France . Following

17856-569: The spelling included Québecq and Kébec . French explorer Samuel de Champlain chose the name Québec in 1608 for the colonial outpost he would use as the administrative seat for New France . The Paleo-Indians , theorized to have migrated from Asia to America between 20,000 and 14,000 years ago, were the first people to establish themselves on the lands of Quebec, arriving after the Laurentide Ice Sheet melted roughly 11,000 years ago. From them, many ethnocultural groups emerged. By

18000-578: The spring of 1760, the Chevalier de Lévis besieged Quebec City and forced the British to entrench themselves during the Battle of Sainte-Foy . However, loss of French vessels sent to resupply New France after the fall of Quebec City during the Battle of Restigouche marked the end of France's efforts to retake the colony. Governor Pierre de Rigaud, marquis de Vaudreuil-Cavagnial signed the Articles of Capitulation of Montreal on September 8, 1760. While awaiting

18144-428: The subprime mortgage crisis, Moody's updated its approach for estimating default correlation of non-prime/nontraditional mortgages involved in structured financial products like mortgage-backed securities and Collateralized debt obligations . Its new model was based on trends from the previous 20 years, during which time housing prices had been rising, mortgage delinquencies very low, and nontraditional mortgage products

18288-439: The summer and −40 °C (−40 °F) during the Quebec winter, Most of central Quebec, ranging from 51 to 58 degrees North has a subarctic climate (Köppen Dfc ). Winters are long, very cold, and snowy, and among the coldest in eastern Canada, while summers are warm but very short due to the higher latitude and the greater influence of Arctic air masses. Precipitation is also somewhat less than farther south, except at some of

18432-465: The summer, severe weather patterns (such as tornadoes and severe thunderstorms ) occur occasionally. Quebec is divided into four climatic zones: arctic, subarctic, humid continental and East maritime. From south to north, average temperatures range in summer between 25 and 5 °C (77 and 41 °F) and, in winter, between −10 and −25 °C (14 and −13 °F). In periods of intense heat and cold, temperatures can reach 35 °C (95 °F) in

18576-485: The term " Canadian ", referring to Canada, their place of residence. The French population, who had thus far identified as "Canadiens", began to be identified with their ethnic community under the name " French Canadian " as they were a "French of Canada". As access to new lands remained problematic because they were still monopolized by the Clique du Château , an exodus of Canadiens towards New England began and went on for

18720-448: The total area of Quebec. The Canadian boreal forest is the northernmost and most abundant of the three forest areas in Quebec that straddle the Canadian Shield and the upper lowlands of the province. Given a warmer climate, the diversity of organisms is also higher: there are about 850 plant species and 280 vertebrate species. The mixed forest is a transition zone between the Canadian boreal forest and deciduous forest . This area contains

18864-527: The unemployment rate increased from 8% to 26%. In an attempt to remedy this, the Quebec government enacted infrastructure projects, campaigns to colonize distant regions, financial assistance to farmers, and the secours directs – the ancestor to Canada's Employment Insurance . French Canadians remained opposed to conscription during the Second World War. When Canada declared war in September 1939,

19008-574: The war. France ceded its North American possessions to Great Britain. Thus, France had put an end to New France and abandoned the remaining 60,000 Canadiens, who sided with the Catholic clergy in refusing to take an oath to the British Crown . The rupture from France would provoke a transformation within the descendants of the Canadiens that would eventually result in the birth of a new nation . After

19152-437: The world's renewable fresh water . More than half a million lakes and 4,500 rivers empty into the Atlantic Ocean , through the Gulf of Saint Lawrence and the Arctic Ocean , by James , Hudson , and Ungava bays. The largest inland body of water is the Caniapiscau Reservoir ; Lake Mistassini is the largest natural lake. The Saint Lawrence River has some of the world's largest sustaining inland Atlantic ports. Since 1959,

19296-524: Was a nationally recognized publication. Moody was forced to sell his business, due to a shortage of capital, when the Panic of 1907 fueled several changes in the markets. Moody returned in 1909 with a new publication focused solely on railroad bonds, Analysis of Railroad Investments , and a new company, Moody's Analyses Publishing Company. While Moody acknowledged that the concept of bond ratings "was not entirely original" with him—he credited early bond rating efforts in Vienna and Berlin as inspiration—he

19440-421: Was a period of modernization, secularization and social reform, where French Canadians expressed their concern and dissatisfaction with their inferior socioeconomic position , and the cultural assimilation of francophone minorities in the English-majority provinces. It resulted in the formation of the modern Québécois identity and Quebec nationalism . In 1960, the Liberal Party of Quebec was brought to power with

19584-438: Was bought by Dun & Bradstreet , a firm engaged in the related field of credit reporting , although they continued to operate largely as independent companies. In the late 1960s and 1970s, commercial paper and bank deposits began to be rated. As well, the major agencies began charging the issuers of bonds as well as investors — Moody's began doing this in 1970 — thanks in part to a growing free rider problem related to

19728-400: Was closed with no antitrust charges filed. Moody's has pointed out that it has assigned unsolicited ratings since 1909, and that such ratings are the market's "best defense against rating shopping" by issuers. In November 1999, Moody's announced it would begin identifying which ratings were unsolicited as part of a general move toward greater transparency. The agency faced a similar complaint in

19872-436: Was little immigration, the colony grew because of the Habitants' high birth rates. In 1665, the Carignan-Salières regiment developed the string of fortifications known as the "Valley of Forts" to protect against Iroquois invasions and brought with them 1,200 new men. To redress the gender imbalance and boost population growth, King Louis XIV sponsored the passage of approximately 800 young French women ( King's Daughters ) to

20016-417: Was not linked to a direct cyberattack, but the result of a disgruntled corporate employee. The data leaked was assembled over a certain period of time after unauthorized access to banking systems and copied customer data. Police investigation is still ongoing. As of December 2018, Desjardins long-term debt is rated Aa2 by Moody's , A+ by S&P , AA by DBRS , and AA− by Fitch . S&P and Fitch considered

20160-402: Was officially rebranded to Desjardins Insurance through Desjardins Insurance Agents. The whole transition was to be completed by the end of 2019. On June 20, 2019, Desjardins Group reported a data breach involving personal data of 4.3 million individual users and 173,000 businesses, more than 40% of Quebec-based credit union's clients and members. The security breach, detected in December 2018,

20304-403: Was the first to publish them widely, in an accessible format. Moody was also the first to charge subscription fees to investors. In 1913 he expanded the manual's focus to include industrial firms and utilities; the new Moody's Manual offered ratings of public securities, indicated by a letter-rating system borrowed from mercantile credit-reporting firms. The following year, Moody incorporated

20448-417: Was the primary communication route between New France and France, and Acadia contained 5,000 Acadians . In the siege of Louisbourg (1745) , the British were victorious, but returned the city to France after war concessions. The last of the four French and Indian Wars was the Seven Years' War ("The War of the Conquest " in Quebec) and lasted from 1754 to 1763. In 1754, tensions escalated for control of

20592-412: Was the warmest and driest recorded in more than 60 years. Given the geology of the province and its different climates, there are a number of large areas of vegetation in Quebec. These areas, listed in order from the northernmost to the southernmost are: the tundra , the taiga , the Canadian boreal forest (coniferous), mixed forest and deciduous forest. On the edge of Ungava Bay and Hudson Strait

20736-423: Was −51.0 °C (−59.8 °F). The all-time record of the greatest precipitation in winter was established in winter 2007–2008, with more than five metres of snow in the area of Quebec City. March 1971, however, saw the " Century's Snowstorm " with more than 40 cm (16 in) in Montreal to 80 cm (31 in) in Mont Apica of snow within 24 hours in many regions of southern Quebec. The winter of 2010

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