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Toronto-Dominion affirmed; Commerce Bancorp on review for upgrade - Moody's


Published : Wed, 03 Oct 2007 06:55
By : Agencies
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MUMBAI (Thomson Financial) - Moody's Investors Service affirmed its ratings on Toronto-Dominion Bank and TD Banknorth Inc after the Canadian bank said it has agreed to acquire 100 pct of Commerce Bancorp Inc for 8.5 bln cad in cash and shares.

Moody's has a 'B+' bank financial strength rating and 'Aaa' long-term deposit rating on Toronto-Dominion Bank, and 'Aa3' senior debt rating, 'B-' lead bank financial strength rating and 'Aa2' long-term deposit rating on TD Banknorth.

The affirmation is based on the long-term improvement in Toronto-Dominion's US retail banking franchise which offsets the short-term impact of lower capital ratios.

The rating agency also placed on review for upgrade Commerce Bancorp's 'A2' long-term issuer rating and Commerce Bank's 'A1' long-term deposit and senior debt ratings, citing the implied support from its soon-to-be parent, Toronto-Dominion Bank.

Moody's affirmed the 'B-' bank financial strength ratings of lead bank Commerce Bank NA, and the 'P-1' short-term ratings of both Commerce Bancorp and Commerce Bank.

TFN.newsdesk@thomson.com

ans/ran

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Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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