DBRS Morningstar Discontinues Rating on Bank of Montreal (Global Registered Covered Bond Program) Covered Bonds, Series CBL9

DBRS Limited (DBRS Morningstar) discontinued its rating on the Covered Bonds, Series CBL9 (the Series) issued under the Bank of Montreal (Global Registered Covered Bond Program) (the Program), as the Series was fully repaid.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
The principal methodology is Rating and Monitoring Covered Bonds (June 10, 2021), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the United Kingdom, and by DBRS Ratings GmbH for use in the European Union, respectively. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on the Program took place on June 8, 2021, when DBRS Morningstar assigned a AAA rating to the Covered Bonds, Series CBL24.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage: https://www.fca.org.uk/firms/credit-rating-agencies.

Lead Analyst: Jiani Xi, Vice President, Canadian Structured Finance
Rating Committee Chair: Tim O'Neil, Managing Director, Head of Canadian Structured Finance
Initial Rating Date: April 28, 2014

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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Principal methodology: Rating and Monitoring Covered Bonds (June 10, 2021)
Link: https://www.dbrsmorningstar.com/research/379983/rating-and-monitoring-covered-bonds