Strong credit quality and a well-diversified loan book resulting in consistently low loss rates Canada's fourth-largest bank, with a long-standing North American commercial banking franchise Good revenue stability and diversification by business lines and geography Weaker profitability and efficiency metrics compared with those of domestic peers High commercial loan growth, particularly in the U.S. Higher dependence on wholesale funding compared with U.S. peers', albeit in line with domestic peers' Our stable outlook on Bank of Montreal (BMO) and its operating subsidiaries reflects our view that over our outlook horizon, the bank's risk profile will largely conform to its historically strong credit performance, and operating trends will remain stable. We believe credit metrics will continue to benefit from good underwriting and
