DBRS Discontinues Rating on BMO Preferred Shares, Series 10, due to Redemption

DBRS has today discontinued its rating on the Non-Cumulative Perpetual Class B Preferred Shares, Series 10, of Bank of Montreal as the securities have been redeemed. The Pfd-1 (low) rating had been Under Review with Negative Implications since August 17, 2011, following the revision of how DBRS views the elevated risk of conversion of bank convertible preferred shares into common equity.

Notes:
The principal methodologies applicable are the Global Methodology for Rating Banks and Banking Organisations, DBRS Criteria: Rating Bank Preferred Shares and Equivalent Hybrids and DBRS Criteria: Intrinsic and Support Assessments, which can be found on www.dbrs.com under Methodologies.

The sources of information used for this rating include company documents. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on this rating, please see the DBRS Limited: Banks and Banking Organisations Linking Document by clicking the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.

Lead Analyst: John van Boxmeer
Rating Committee Chair: Kent Wideman
Initial Rating Date: December 20, 2001
Most Recent Rating Update: August 17, 2011