TORONTO (Standard&Poor's) April 27, 2007—Standard&Poor's Ratings Services said today that its ratings on Bank of Montreal (AA-/Stable/A-1+) and its subsidiaries will not be affected by today's announcement of mark-to-market commodity trading losses estimated between C$350 million-C$450 million, pretax, which will be recorded in the second quarter of 2007. At the current ratings level, this one-time hit can be tolerated; however, this development might suggest some more profound structural issues with the bank's risk management function. We will continue to monitor developments in the company's trading risk management practices.
