NY -– Standard&Poor's CreditWire 12/15/98 -– Standard&Poor's double-'A' long-term counterparty credit rating for Toronto-Dominion Bank (TD) remains on CreditWatch with negative implications. At the same time, Standard&Poor's today affirmed the 'A-1+' short-term counterparty credit and 'A-1+' commercial paper ratings for TD and related entities (see list). The government has rejected TD's proposed merger with the lower-rated Canadian Imperial Bank of Commerce. Nevertheless, TD's own performance has deteriorated with the capital markets turmoil of the latter part of fiscal 1998, providing evidence of a higher-risk profile due to increased stress on the investment banking businesses, which could necessitate a downgrade. Nevertheless, previous to 1998, TD had a stronger performance record and a more conservative balance
