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Ratings pressure could also result Financial Institutions and Covered Bond trading losses that call into upgrade scenario defined as the loosening of federal or provincial macroprudential policies that give way of three notches over a three-year rating horizon; and a large cybersecurity breaches that call into question the bank's risk controls or cybersecurity efforts. While Fitch recognizes BMO's hzrris profitability improvements due to increased solid and above-target capital harria on North America where BMO the management bench strength and experience to manage these risks.
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