On Oct. 7, 2003, Standard & Poor's Ratings Services lowered its ratings on Laurentian Bank of Canada, including the long-term counterparty credit rating, which was lowered to 'BBB+' from 'A-'. At the same time, the outlook was revised to stable from negative. The downgrade on Montreal-Que.-based Laurentian Bank reflects Standard & Poor's concerns over the lack of revenue and loan growth, weaker earnings performance, and pressure on market share, particularly in the bank's core mortgage product line, despite the strong Quebec economy. The frequent changes in the bank's business strategy over the years would suggest that the bank has been challenged in expanding and defending its business franchise, specifically in its markets outside Quebec and more recently in its home
