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"We are concerned that Canadian consumers are relying on low interest rates to support high debt loads," the ratings agency said.

"The creditworthiness of Canadian banks depends on the continued financial health of the Canadian consumer. While robust growth in consumer credit has driven strong system-wide earnings year-to-date, this trend will be constrained as households reach borrowing limits at the same time the economy shows few signs of anything beyond tepid growth."

Last Tuesday, Statistics Canada reported that household debt as a share of personal disposable income rose to a record 150.8 per cent at the end of June. The increase, which leaves the ratio slightly higher than in the U.S. where it was 148 per cent in the first quarter of this year, is largely due to strong house price appreciation, particularly in Vancouver and Toronto.

While robust growth in consumer credit has driven strong system-wide earnings year to date, this trend will be constrained as households reach borrowing limits at the same time the economy shows few signs of anything beyond tepid growth, Moody's said.

CIBC is the bank most exposed to the Canadian consumer, with both the largest relative revenue and credit exposures, Moody's said. National Bank of Canada and The Toronto-Dominion Bank are the next most exposed on the revenue front, while Bank of Nova Scotia follows CIBC in current consumer credit exposure.