On Nov. 4, 2002, Standard&Poor's Ratings Services placed its ratings on Toronto-Dominion Bank (TD Bank) and its subsidiaries on CreditWatch with negative implications, including the double-'A'-minus long-term and 'A-1'-plus short-term counterparty credit ratings. TD Bank today announced that it would be taking an additional C$600 million special sectoral provision against its exposure to the energy and power generation sector, as impaired loan formations are accelerating. The bank also has announced a strategic shift in the direction of its corporate lending business whereby it has identified core and noncore relationships, which will be split and operated under two distinct business units going forward. The C$600 million sectoral provision is over and above the provision for loan losses expected to
