Fitch affirms Bank of Montreal

Fitch Ratings said it affirmed Bank of Montreal's long-term issuer default rating and senior debt at AA-, its subordinated debt at A+ and its short-term issuer rating and commercial paper at F1+.

The agency also affirmed BMO Subordinated Notes Trust's subordinated debt at A+ and the preferred stock of BMO Capital Trust A, B, C, D, E and II at A.

The outlook is stable.

The affirmation reflects Bank of Montreal's good capitalization, diverse franchise and sound financial fundamentals, Fitch said. It remains the fourth-largest Canadian bank, the agency said, and benefits from the better performance of the Canadian housing sector and overall economy throughout the financial crisis.

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