The ratings on Bank of Montreal (BMO), including the 'A-1(High)' Canadian scale CP rating and the 'P-1(Low)' Canadian scale preferred share rating, reflect the bank's very strong domestic personal and commercial (P&C) bank, which provides it with a solid base for consistent earnings performance. The performance of the wholesale banking group has shown improvement in the first part of 2003, coming off of two years' soft performance that were negatively affected by the difficult credit environment and challenging global equity markets. The private client group, which is small in proportion to the P&C and investment banking businesses, remains an important element of the bank's overall strategy. Management remains committed to expanding this business in North America, as evidenced by the
