S&P rates Bank of Montreal notes A-

S&P said it assigned an A- rating to Bank of Montreal's senior resolution notes.

The bank recently announced a $417 million) of this bail-in-eligible senior debt, which will mature in two years.

S&P said it understands the structure and its provisions meet regulatory requirements for inclusion in the bank's total loss-absorbing capacity.

The issue also meets criteria for inclusion in the agency's own measure of additional loss-absorbing capacity, as any future redemption would be subject to regulatory approval, the agency explained.

The notes are one notch lower than the bank's stand-alone credit profile of A to recognize what is considered to be effective subordination, S&P said.

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