TORONTO (Standard&Poor's) Dec. 19, 2001--Standard&Poor's today affirmed it ratings on Bank of Montreal (BMO) and its related entities (see list below for all ratings actions). At the same time, the ratings were removed from CreditWatch, where they were placed Oct. 29, 2001. The outlook is negative. Standard&Poor's is satisfied that the bank's credit quality remains appropriate for this point in the business cycle and its earnings issues are being addressed. Although BMO's 2001 fourth-quarter earnings were severely affected due to the recognition of the bank's credit problems, BMO does have the capacity to regain its earnings momentum given its historical risk management framework, strong domestic franchise and toehold in the U.S. with its Harris
