TORONTO (Standard&Poor's) Aug. 15, 2011--Standard&Poor's Ratings Services said today that its ratings on Toronto-Dominion Bank (TD; AA-/Positive/A-1+) are unchanged following TD's announcement of an agreement with Bank of America Corporation for TD to acquire the Canadian credit card portfolio of MBNA Canada. The size of the portfolio is expected to be about C$8.5 billion at the transaction's close, likely to occur in 2012. It is our understanding that TD is planning an equity issue prior to closing that will mitigate the transaction's impact on TD's capital ratios. The proposed transaction will position TD with one of the largest credit card businesses among the Canadian banks, and as a leading issuer of both Visa and MasterCard in
