DBRS Morningstar Discontinues Rating on Bank of Montreal (Global Registered Covered Bond Program) Covered Bonds, Series CBL17

DBRS Limited (DBRS Morningstar) discontinued its rating on the Covered Bonds, Series CBL17 (the Series) issued under the Bank of Montreal (Global Registered Covered Bond Program) (the Program), as the Series was fully repaid.

ESG CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

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/396929.

Notes:
The principal methodology is Rating and Monitoring Covered Bonds (April 22, 2022), 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.

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 April 8, 2022, when DBRS Morningstar confirmed the AAA ratings of the following outstanding series issued under the Program as part of its continued efforts to provide timely credit rating opinions and increased transparency to market participants:
-- Covered Bonds, Series CBL5
-- Covered Bonds, Series CBL6
-- Covered Bonds, Series CBL10
-- Covered Bonds, Series CBL13
-- Covered Bonds, Series CBL14
-- Covered Bonds, Series CBL15
-- Covered Bonds, Series CBL16
-- Covered Bonds, Series CBL17
-- Covered Bonds, Series CBL18
-- Covered Bonds, Series CBL20
-- Covered Bonds, Series CBL21
-- Covered Bonds, Series CBL22
-- Covered Bonds, Series CBL23
-- Covered Bonds, Series CBL24
-- Covered Bonds, Series CBL25
-- Covered Bonds, Series CBL26
-- Covered Bonds, Series CBL27

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
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Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577

Principal methodology: Rating and Monitoring Covered Bonds (April 22, 2022)
Link: https://www.dbrsmorningstar.com/research/395642