Defaults still low, but DBRS on guard for deteriorating financials
Five regional banks face rating cut, outlooks downgraded for two others
Funding, capital strains and real estate risks underpinned the rating actions
Economy, rate environment are the main risks to issuers' finances
New rating, AA+, is still considered well into investment grade
Decline in working population to pressure growth and government finances
Continuing cost pressures, rate hikes pushing companies toward default
Financial, regulatory headwinds drive tougher operating climate
Rising loan losses, growing expenses eating into banks' bottom lines
Demand for minority directors expected to increase as transparency improves