The ratings on Montreal-based Laurentian Bank of Canada reflect the good progress made in strengthening core operating performance and improving the quality and composition of earnings, aided by the solid execution of the strategic plan under the current leadership. The bank's refocus on its domestic operating markets several years ago clearly is proving to be a superior strategy to the earlier pursuit of a national presence. The strong and stable core customer funding, lower credit risk profile, and robust capital also provide an element of support to the ratings and benefit the bank in more stable and sustainable financial performance. Counterbalancing this are below-peer average financial metrics and geographic concentration. We believe that Laurentian Bank is well-positioned to meet its
