Business Services Industry
MOODY'S UPGRADES COMMERCE, AFFIRMS TD AND TD BANKNORTH, N.A., BUT DOWNGRADES TD BANKNORTH INC.
Info-Prod Research (Middle East), March, 2008
Moody's Investors Service upgraded CommerceBank, N.A. to Aa2 from A1 for long-term deposits following theacquisition of its parent, Commerce Bancorp, by Toronto-Dominion Bank(TD). TD's ratings were affirmed (bank financial strength at B andlong-term deposits at Aaa) as was Commerce Bank's B- bank financialstrength rating. Following the acquisition, Commerce Bank, N.A.
carries the same ratingsas TD Banknorth, N.A., TD's lead U.S. bank (bank financial strength at B-and long-term deposits at Aa2). Moody's noted that both banks, and allbranches, will ultimately be rebranded and operate as TD Commerce Bank. Regarding TD Banknorth, Inc., TD's primary U.S. bank holding company, itsissuer rating was downgraded to A1 from Aa3. At the same time, CommerceBancorp's issuer rating was...
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