DBRS Finalizes Provisional Rating on Bank of Montreal’s Non-Viability Contingent Capital Preferred Shares at Pfd-2, Stable

DBRS has today finalized the provisional rating of Pfd-2 with a Stable trend on Bank of Montreal’s (the Bank) Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 27 (NVCC Preferred Shares Series 27).

Following the review of documentation associated with the recent offering, DBRS has confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on April 14, 2014. For further details on the provisional rating, please see the DBRS press release entitled “DBRS Provisionally Rates Bank of Montreal’s Non-Viability Contingent Capital Preferred Shares at Pfd-2, Stable.”

The aggregate gross proceeds from the NVCC Preferred Shares Series 27 totalled $500 million. Proceeds from the issuance will be used for general business purposes.

For more information on DBRS’s methodologies and criteria or the banking industry, visit www.dbrs.com or contact us at info@dbrs.com.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 2013), which can be found on our website under Methodologies.