One of the five dominant universal banks in Canada Good diversification by product, geography, and business line Strong risk-adjusted capital ratio Prudent credit risk management infrastructure Weak U.S. P&C results and high loan losses Heavy reliance on wholesale funds Mortgage and deposit market share remains under pressure Integration risk with M&I acquisition given its size and large CRE loan portfolio The ratings on Bank of Montreal (BMO) reflect our assessment of its position as one of the five dominant universal banks in Canada, its well-diversified business base, strong risk-adjusted capital ratio, and prudent credit risk management. The ratings also reflect weak U.S. personal and commercial (P&C) results and high loan losses, heavy reliance on wholesale funds, pressure on mortgage and
