On Aug. 26, 2004, Standard&Poor's Ratings Services affirmed its ratings on The Toronto-Dominion Bank (TD Bank) and related entities following the company's announcement that it plans to acquire a controlling interest in 'BBB' rated Banknorth Group Inc. The outlook on TD Bank is stable. TD Bank is paying CAD$5.0 billion (US$3.8 billion) for a 51% stake in Banknorth, the largest independent bank based in New England with US$31 billion in assets. TD Bank will use Banknorth, which has been in an acquisition mode during the past few years, as its principal vehicle for retail and commercial banking in the U.S. market. This is very important from a strategic point of view given the limited growth opportunities available in
