Historically strong credit quality and a well-diversified loan book resulting in consistently low loss rates over the past decade Good revenue stability and diversification by business lines and geography High exposure and recent growth in commercial lending, particularly in the U.S. Weaker profitability and efficiency metrics compared with those of domestic peers S&P Global Ratings' stable outlook on Bank of Montreal (BMO) reflects its belief that BMO's strong and consistently stable credit loss history reflecting good underwriting metrics and loan diversification by industry, stable profitability with continued diversification of revenues and good liquidity, will help the bank to reduce the negative impact from COVID-19 and from lower interest rates. We expect credit losses, particularly in the bank's commercial loan portfolio,
