Business Services Industry
MOODY'S AFFIRMS TD ON COMMERCE ANNOUNCEMENT; COMMERCE ON REVIEW FOR UPGRADE
Info-Prod Research (Middle East), October, 2007
Moody's Investors Service affirmed itsratings on Toronto- Dominion Bank (TD, bank financial strength at B ,long-term deposits at Aaa) and TD Banknorth, Inc. (TD Banknorth, seniordebt at Aa3; lead bank financial strength at B- and long-term deposits atAa2). This affirmation follows the announcement by TD that it reached anagreement to acquire 100% of Commerce Bancorp, Inc.
(Commerce) for C$8.5billion in a 75% / 25% stock / cash transaction. With regards toCommerce's ratings, Moody's affirmed the B- bank financial strengthratings of lead bank, Commerce Bank, N.A. (Commerce Bank), and the P-1short-term ratings of both Commerce and Commerce Bank. The rating agencyalso place on review for upgrade Commerce's A2 long- term issuer ratingand Commerce Bank's A1 long-term deposit and...
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