Fitch lifts Royal Bank of Canada (RY) legacy senior long-term debt rating

Rhea-AI Filing Summary

Royal Bank of Canada reports that Fitch Ratings has upgraded its legacy senior long-term debt rating to AA+ from AA, signaling stronger perceived credit quality on that layer of debt. Fitch also affirmed the bank’s short-term debt rating at F1+ and kept the long-term issuer default rating at AA-.

Positive

• Fitch upgrades key debt rating: Legacy senior long-term debt raised to AA+ from AA, reinforcing Royal Bank of Canada’s already strong credit standing and potentially supporting attractive funding access.

Negative

• None.

Insights

Credit analyst

Fitch’s upgrade strengthens Royal Bank of Canada’s overall credit profile.

Fitch Ratings upgraded Royal Bank of Canada’s legacy senior long-term debt to AA+ from AA, while affirming the short-term rating at F1+ and keeping the long-term issuer default rating at AA-. This reflects a very strong assessment of creditworthiness.

Higher ratings can support funding flexibility because large institutional investors often rely on agency ratings when buying bank debt. Affirmed short-term ratings at F1+ indicate continued confidence in Royal Bank of Canada’s ability to meet near-term obligations.

Any future changes to these ratings would typically be driven by shifts in asset quality, earnings resilience, capital levels, or the operating environment, which will be visible in subsequent shareholder reports and rating agency updates.

Key Figures

Legacy senior long-term debt rating: AA+ from AA Short-term debt rating: F1+ Long-term issuer default rating: AA-

3 metrics

Legacy senior long-term debt rating AA+ from AA Fitch Ratings action on May 12, 2026

Short-term debt rating F1+ Fitch Ratings affirmation on May 12, 2026

Long-term issuer default rating AA- Fitch Ratings confirmation on May 12, 2026

Key Terms

legacy senior long-term debt rating, short-term debt rating, long-term issuer default rating, First Quarter 2026 Report to Shareholders, +1 more

5 terms

legacy senior long-term debt rating financial

"Fitch Ratings (i) upgraded our legacy senior long-term debt rating to AA+ from AA"

short-term debt rating financial

"affirmed our short-term debt rating as F1+"

long-term issuer default rating financial

"confirmed our long-term issuer default rating applicable to our senior long-term debt remains at AA-"

A long-term issuer default rating is a credit agency’s quick summary of how likely a company or government is to fail to pay its long-term debts, similar to a personal credit score but for an organization. Investors use it as a shortcut to judge risk: lower ratings signal higher chance of missed payments and usually mean higher borrowing costs and more volatile bond values, affecting expected returns and portfolio safety.

First Quarter 2026 Report to Shareholders financial

"in the Registrant’s First Quarter 2026 Report to Shareholders"

Form F-3 regulatory

"incorporated by reference to Royal Bank of Canada’s registration statement on Form F-3"

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Accepted by SEC EDGAR 05/19/2026 - 04:29 PM Learn about SEC filing dates

FAQ

What did Fitch change in Royal Bank of Canada (RY) credit ratings?

Fitch upgraded Royal Bank of Canada’s legacy senior long-term debt rating to AA+ from AA. It also affirmed the bank’s short-term debt rating at F1+ and confirmed the long-term issuer default rating remains at AA-, reflecting a strong overall credit profile.

Which Royal Bank of Canada (RY) rating was upgraded by Fitch?

Fitch upgraded Royal Bank of Canada’s legacy senior long-term debt rating to AA+ from AA. This specific rating applies to certain senior long-term obligations and indicates very strong capacity to meet financial commitments, above the previous already-strong AA level.

How did Fitch rate Royal Bank of Canada (RY) short-term debt?

Fitch affirmed Royal Bank of Canada’s short-term debt rating at F1+. This is Fitch’s highest short-term rating, indicating very strong capacity to meet short-term financial commitments and continued confidence in the bank’s liquidity and funding profile.

What is Royal Bank of Canada (RY) long-term issuer default rating with Fitch?

Fitch confirmed that Royal Bank of Canada’s long-term issuer default rating remains at AA-. This rating reflects the bank’s overall capacity to meet long-term obligations and signals a very strong credit profile, with no change from the prior level.

Why is a Fitch upgrade important for Royal Bank of Canada (RY)?

A Fitch upgrade can enhance investor confidence in Royal Bank of Canada’s debt and overall strength. Stronger ratings may support more favorable funding terms and broaden the investor base, particularly among institutions that use external ratings in their investment guidelines.

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of a Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of May, 2026
Commission File Number: 001-13928

Royal Bank of Canada

(Name of registrant)

200 Bay Street
Royal Bank Plaza
Toronto, Ontario
Canada M5J 2J5
Attention: Senior Vice-President,
Deputy General Counsel
& Secretary 1 Place Ville Marie
Montreal, Quebec
Canada H3B 3A9
Attention: Senior Vice-President,
Deputy General Counsel
& Secretary 

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE TO ROYAL BANK OF CANADA’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-275898) AND THE REGISTRATION STATEMENTS ON FORM S-8 (FILE NOS. 333-12036, 333-12050, 333-13052, 333-13112, 333-117922, 333-207754, 333-207750, 333-207748, 333-268715, AND 333-287969) AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED. 

SUPPLEMENTAL DISCLOSURE

The disclosure under “Management’s Discussion and Analysis – Risk Management – Liquidity and funding risk – Credit ratings” in the Registrant’s First Quarter 2026 Report to Shareholders, part of which was incorporated by reference as Exhibit 99.2 to its Current Report on Form 6-K filed on February 26, 2026, is hereby updated by adding the following: “On May 12, 2026, Fitch Ratings (i) upgraded our legacy senior long-term debt rating to AA+ from AA; (ii) affirmed our short-term debt rating as F1+ and (iii) confirmed our long-term issuer default rating applicable to our senior long-term debt remains at AA-.”

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ROYAL BANK OF CANADA
	By:	/s/ Jason Drysdale
	Name:	Jason Drysdale
	Title:	Executive Vice President and Treasurer
		Date: May 19, 2026