Refocus on Quebec markets viewed favorably Satisfactory asset quality and overall improving trends Benefits from strategic refocus to boost profitability are slowly materializing Below-peer average financial metrics Capital is below average when Standard & Poor's adjusts for the pension and post-retirement benefit liabilities shortfall The ratings on Montreal, Que.-based Laurentian Bank of Canada reflect a stabilized franchise; improving core operating results, albeit still substandard for the rating level; and market share position holding its own in loans and deposits. The strong core customer funding and lower credit risk profiles, which provide an element of support to the ratings, have helped position the bank for more stable future financial performance. Capital, when Standard & Poor's Ratings Services adjusts for the pension
