TORONTO (Standard&Poor's) April 3, 2003--Standard&Poor's Ratings Services today said the ratings on The Toronto-Dominion Bank (TD Bank; A+/Stable/A-1) remain unchanged after the bank's announcement to restructure TD Waterhouse's international operations, including streamlining the U.K. operations and U.S. equity options arm (Stafford and Letco, two options firms acquired March 2002) of its wholesale banking operations, TD Securities. These initiatives will translate into total restructuring costs of C$120 million (pretax) and possibly a further C$50 million later in the year and C$674 million in goodwill write-offs. Standard&Poor's expected further restructurings and realignments of the bank's capital markets-related businesses, given the difficult global operating environment. The goodwill write-offs are immaterial earnings issues for Standard&Poor's because
