TORONTO (Standard&Poor's) June 27, 2013--Standard&Poor's Ratings Services today said its ratings on Toronto-Dominion Bank (TD Bank; AA-/Stable/A-1+) and Canadian Imperial Bank of Commerce (CIBC; A+/Stable/A-1) are unchanged following TD Bank's announcement that it has reached an conditional agreement with Aimia Inc. (BBB-/Stable/--) under which TD Bank would become the primary credit card issuer associated with the Aeroplan loyalty rewards program. CIBC is the current issuer of Aeroplan-linked credit cards, with the industry-leading Aerogold Visa card. Under its 10-year agreement with Aimia that is scheduled to expire at the end of this year, CIBC has a right to extend the Aeroplan contract on terms equivalent to those agreed by TD Bank and Aimia. The possible transfer of
