TORONTO (Standard&Poor's) Sept. 6, 2011--Standard&Poor's Ratings Services said today that its ratings on Laurentian Bank of Canada (BBB+/Stable/A-2) are unchanged following its subsidiary B2B Trust's announcement on Sept. 2 to acquire 100% of M.R.S. Trust Company and M.R.S. Inc. (MRS Companies) for approximately C$165 million in cash. As part of the acquisition, B2B Trust will also repay C$20 million of MRS' subordinated indebtedness to Mackenzie Investments (a subsidiary of IGM Financial). The transaction is expected to close in November 2011 with MRS Companies to be integrated with B2B Trust shortly afterward. Also announced was a distribution agreement between Laurentian and Mackenzie. Beginning in 2012, Laurentian will be a principal distributor of Mackenzie mutual funds in its
