The ratings on Bank of Montreal (BMO), including the Canadian scale 'A-1(High)' commercial paper and Canadian national scale 'P-1(Low)' preferred share ratings, reflect its very strong personal and commercial (P&C) banking business, both domestically and in the U.S. through Harris Bank, which provides it with a solid base for consistent earnings performance. The performance of the wholesale banking group has been somewhat lackluster in the past two years and reflects the very weak global equity markets and difficult credit environment that the banking industry has been facing. Better performance in this sector will not be evident until the capital markets begin to show clear signs of improvement. The private client group, which is small in proportion to the P&C and
