Refocus on Quebec markets viewed favorably Satisfactory asset quality and overall improving trends Below-peer average financial metrics Capital is below average when Standard & Poor's adjusts for the pension and post-retirement benefit liabilities shortfall Challenges in expanding and defending business franchise Benefits from strategic refocus to boost profitability to acceptable levels will be slow to materialize The ratings on Montreal, Que.ûbased Laurentian Bank of Canada reflect Standard & Poor's concerns over continued weak earnings performance before special gains, and pressure on market share position in Quebec. Capital, when Standard & Poor's adjusts for the pension and post-retirement benefit liabilities shortfall, is below average. The bank has taken several positive initiatives to improve earnings power, such as refocusing on core Quebec
