Track record of generating strong and consistent earnings Solid credit risk management infrastructure Very good diversification by product, geography, and business line Very strong capital adequacy ratios Established U.S. beachhead with its Chicago footprint Continued pressure on Canadian retail market share Convergence of competitors into the Chicago personal and commercial banking market Impact of the flattening yield curve on U.S. lending margins Negative effect of currency translation on U.S.-denominated earnings The ratings on Toronto-based Bank of Montreal (BMO; TSX: BMO) reflect the bank's track record of generating very strong and consistent earnings, its position as one of the five dominant universal banks in Canada, well-diversified business base, solid credit risk management infrastructure, and good toehold into the U.S. market. Overall,
