Standard&Poor's today said Bank of Montreal's (BMO; AA-/Negative/A-1+) announced plans to increase its loan loss provisions against its Teleglobe Inc. (CC/Watch Neg/--) exposure would not affect the ratings or outlook on the bank. Following yesterday's announcement, BMO expects its specific provisions for credit losses to be between C$775 million and C$825 million for the year, up from a previous estimate of C$720 million-C$750 million. This would equate to about 0.60% of loans and acceptances (net of repurchase agreements). Although the bank continues to believe that it can continue to provision at levels below its peer group because of its superior credit history, Standard&Poor's will continue tracking the formation and migration of impaired loans to ensure BMO
