On Oct. 2, 2007, Standard&Poor's Ratings Services affirmed its 'AA-/A-1+' long- and short-term counterparty credit ratings on The Toronto-Dominion Bank (TD Bank) and the 'AA-' long-term rating on subsidiary TD Banknorth Inc., following TD Bank's announcement on the same day regarding plans to acquire Commerce Bancorp, Inc. (BBB+/Watch Pos/A-2) for US$8.5 billion, comprised of TD Bank stock (75%) and cash (25%). The outlooks on both TD Bank and TD Banknorth remain stable. At the same time, the 'BBB+/A-2' long- and short-term counterparty credit ratings on Commerce Bancorp were placed on CreditWatch with positive implications. The ratings on TD Bank reflect its formidable domestic retail operations, which continue to be the core growth engine with a substantial base of stable
