...- On Oct. 2, Laurentian Bank of Canada (LBC) announced significant executive changes, including the departure of the former CEO and resignation of the chair of the board, and a major mainframe outage that affected some of the bank's retail and commercial customers. - Although the mainframe outage highlights operational risks, we believe that management will remain appropriately focused in making efforts to strengthen its IT governance and restore confidence in the bank's franchise. - S&P Global Ratings revised its outlook on LBC to negative from stable and affirmed its ratings on the bank, including its '###' long-term and 'A-2' short-term issuer credit ratings. - The negative outlook reflects the possibility that operational missteps and executive turnover could hurt LBC's franchise strength, perhaps because of lost client relationships, elevated technology, legal, or regulatory expenses, or strategic uncertainty....
