DBRS Finalizes Provisional Rating of A (low), Stable, on BMO’s Non-Viability Contingent Capital Subordinated Debt

DBRS has today finalized its provisional rating of A (low) on Bank of Montreal’s (the Bank or BMO) Series H Medium-Term Notes (Subordinated Indebtedness) (NVCC Sub Debt Series H). The trend is Stable.

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 September 11, 2014. For further details on the provisional rating, please see the DBRS press release from that date entitled “DBRS Assigns Provisional Rating of A (low), Stable, to BMO’s Non-Viability Contingent Capital Subordinated Debt.”

The aggregate gross proceeds from the NVCC Sub Debt Series H totalled $1 billion. Net proceeds from the issuance will be used for general banking purposes.

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 DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities, which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.