Research Update: Toronto-Dominion Bank Outlook Revised To Stable From Positive On Uncertain Economic Outlook; 'AA-' Rating Affirmed Oct 11
Standard & Poors, October 2011
Abstract
We are revising the outlook on Toronto-Dominion Bank (TD Bank) to stable from positive based on our expectations that a weak Canadian economic recovery will provide more challenging operating conditions than had previously been expected. TD Bank continues to experience consistent and strong core operating performance from domestic operations with a growing contribution from its U.S. retail bank. We are affirming our 'AA-/A-1+' counterparty credit ratings on TD Bank and related entities. On Oct. 6, 2011, Standard & Poor's Ratings Services revised its outlook on TD Bank to stable from positive on reduced expectations that future operating outperformance will provide sufficient grounds for an upgrade in the near-to-medium-term. Standard & Poor's also affirmed its ratings on the bank and related...
Companies mentioned in this report are:
- Toronto-Dominion Bank
- TD Capital Trust IV
- Toronto-Dominion Holdings USA Inc.
- TD Bank US Holding Co.
- TD Bank N.A.
- TD Capital Trust II
- Northgroup Preferred Capital Corp.
- TD Capital Trust III
Action: Affirmed
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Toronto-Dominion Bank
- TD Capital Trust IV
- Toronto-Dominion Holdings USA Inc.
- TD Bank US Holding Co.
- TD Bank N.A.
- TD Capital Trust II
- Northgroup Preferred Capital Corp.
- TD Capital Trust III
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