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    BMO   CA0636711016

BANK OF MONTREAL

(BMO)
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Delayed Toronto Stock Exchange  -  05/20 04:25:51 pm EDT
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DBRS Morningstar Discontinues Rating on Bank of Montreal (Global Registered Covered Bond Program) Covered Bonds, Series CBL11

01/17/2022 | 04:26am EDT

DBRS Limited (DBRS Morningstar) discontinued its rating on the Covered Bonds, Series CBL11 (the Series) issued under the Bank of Montreal (Global Registered Covered Bond 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.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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 September 29, 2021, when DBRS Morningstar discontinued its rating on the Covered Bonds, Series CBL19 issued under the Program.

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 info@dbrsmorningstar.com.

DBRS Limited

DBRS Tower, 181 University Avenue, Suite 700

Toronto, ON M5H 3M7 Canada

Tel. +1 416 593-5577

Principal methodology: Rating and Monitoring Covered Bonds (June 10, 2021)

Link: https://www.dbrsmorningstar.com/research/379983/rating-and-monitoring-covered-bonds

Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

US = Lead Analyst based in USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E = EU endorsed

U = UK endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-participating

14-Jan-22	Covered Bonds, Series CBL11	Disc.-Repaid	Discontinued	--	CA

(C) 2022 Electronic News Publishing, source ENP Newswire

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Sales 2022 28 106 M 21 892 M 21 892 M
Net income 2022 9 003 M 7 013 M 7 013 M
Net Debt 2022 - - -
P/E ratio 2022 9,59x
Yield 2022 4,16%
Capitalization 87 904 M 68 469 M 68 469 M
Capi. / Sales 2022 3,13x
Capi. / Sales 2023 2,75x
Nbr of Employees 43 863
Free-Float 100,0%
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