TORONTO (S&P Global Ratings) March 1, 2022--S&P Global Ratings today said that Toronto-Dominion Bank's (TD Bank; AA-/Stable/A-1+) planned acquisition of First Horizon Corp. is in line with the bank's long-term strategy to expand its already-sizable retail and commercial franchise in the U.S. The transaction, which is expected to close in the first fiscal quarter of 2023 and is subject to First Horizon shareholder and regulatory approvals, will weigh meaningfully on capital when it closes. However, we expect the bank to partially offset the hit to capital by ceasing share repurchases prior to the close of the deal, and through strong earnings generation. Overall, the acquisition does not immediately affect our ratings on TD Bank. In our view, the potential acquisition
