TORONTO (Standard&Poor's) Nov. 26, 2008--Standard&Poor's Ratings Services today said the ratings and outlook on The Toronto-Dominion Bank (TDBFG; AA-/Stable/A-1+) remain unchanged following the bank's recent trading loss. TDBFG recently announced a C$350 million (after tax) credit trading loss in its credit trading business in its wholesale banking segment. The loss ensued as liquidity issues worsened over the months causing a widening in the pricing relationship between assets and credit protection markets and generating negative trading revenues related to the bank's C$2.5 billion trading portfolio. More important than the magnitude of the reported loss in our view, the nature of this proprietary trading activity is a departure from our understanding of the bank's risk profile. We do
