On July 18, 2002, Standard&Poor's revised its outlook on Toronto-Dominion Bank (TD Bank) to negative from stable. At the same time, the ratings outstanding on the bank remain unchanged, including the double–'A'-minus long-term counterparty credit rating and the 'A-1 (High)' Canadian national scale commercial paper rating. TD Bank today announced an additional C$850 million in special sectoral reserves, including C$600 million for telecommunications loans and C$250 million for other U.S. corporate loans, all of which are performing. The C$850 is over and above the provision for loan losses expected to be taken in the third quarter of 2002 of C$400 million, which reflects a provision against exposure to Adelphia Communications Corp. after the company's chapter 11 filing. The
