One of the five dominant universal banks in Canada Prudent credit risk management Good diversification by product, geography, and business line Weak U.S. personal and commercial operating performance Integration risk associated with M&I acquisition given its large size Standard&Poor's Ratings Services' outlook on Bank of Montreal (BMO) is stable, reflecting our expectations that the bank will continue to generate earnings consistent with historical levels. We could lower the ratings if the acquisition of Marshall&Ilsley (M&I) pressures BMO's operating performance through weakening asset quality and additional credit marks, making net charge-offs (NCOs) consistently and materially exceed those of peers or cause integration challenges that would hurt the franchise, or result in Standard&Poor's risk-adjusted capital (RAC)
