Research Update: Issuer Credit Ratings On The Toronto-Dominion Bank Affirmed At 'AA-/A-1+'; Outlook Is Stable Dec 11
Standard & Poors, December 2011
Abstract
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...
Companies mentioned in this report are:
- Toronto-Dominion Bank
- Toronto-Dominion Holdings USA Inc.
- TD Securities (USA) LLC
- TD Bank US Holding Co.
- TD AMERITRADE Holding Corp.
- TD Bank N.A.
- TD Capital Trust II
- Northgroup Preferred Capital Corp.
- TD Capital Trust III
- TD Capital Trust IV
Action: Affirmed
Action: Downgraded
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
- Toronto-Dominion Holdings USA Inc.
- TD Securities (USA) LLC
- TD Bank US Holding Co.
- TD AMERITRADE Holding Corp.
- TD Bank N.A.
- TD Capital Trust II
- Northgroup Preferred Capital Corp.
- TD Capital Trust III
- TD Capital Trust IV
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