PrefBlog

Standard and Poor’s has announced:

• Following a review of The Toronto-Dominion Bank (TD Bank) under Standard & Poor’s revised bank criteria (published on Nov. 9, 2011), we are affirming our ratings on the bank, including the ‘AA-/A-1+’ long- and short-term issuer credit ratings. The outlook is stable.
• The ratings on TD Bank are based on its strong business position, adequate capital and earnings, adequate risk position, and above-average funding and adequate liquidity, compared with those of global peers with the same industry and economic risk scores.
• The ratings on TD Bank benefit from a one-notch uplift for potential extraordinary government support in a crisis.
• We expect stable performance from TD Bank’s retail-oriented Canadian and U.S. franchises, based on resilient asset quality and ongoing revenue growth opportunities, despite an uncertain economic outlook.

As we previously announced, on Dec. 13, 2011, Standard & Poor’s Ratings Services affirmed its ratings on The Toronto-Dominion Bank (TD Bank), including the ‘AA-/A-1+’ long- and short-term issuer credit ratings. The stand-alone credit profile (SACP) on TD Bank is ‘a+’. In addition, we lowered the rating on TD Bank’s nondeferrable subordinated debt to ‘A’ from ‘A+’ and the rating on its preferred shares to ‘A-‘ from ‘A’. The outlook is stable.

The Preferred Share Scale ratings for the issue remain at P-1(low).

TD has the following issues outstanding: TD.PR.O, TD.PR.P, TD.PR.Q and TD.PR.R (DeemedRetractible) and TD.PR.A, TD.PR.C, TD.PR.E, TD.PR.G, TD.PR.I, TD.PR.K, TD.PR.S and TD.PR.Y (FixedReset).

This entry was posted on Wednesday, December 14th, 2011 at 2:33 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.