The Toronto-Dominion Bank's Proposed Tier 2 Subordinated Debentures Rated 'A-' - S&P Global Ratings’ Credit Research

The Toronto-Dominion Bank's Proposed Tier 2 Subordinated Debentures Rated 'A-'

The Toronto-Dominion Bank's Proposed Tier 2 Subordinated Debentures Rated 'A-' - S&P Global Ratings’ Credit Research
The Toronto-Dominion Bank's Proposed Tier 2 Subordinated Debentures Rated 'A-'
Published Jun 19, 2015
4 pages (1511 words) — Published Jun 19, 2015
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Abstract:

TORONTO (Standard&Poor's) June 19, 2015--Standard&Poor's Ratings Services today said it assigned its 'A-' issue rating to The Toronto Dominion Bank's (TD Bank) proposed Tier 2 subordinated debentures in the amount of C$1.5 billion. The issuer credit ratings (ICR) on TD Bank are 'AA-/A-1+' with a negative outlook. "The rating on this issue reflects our criteria for hybrid capital instruments and the features of the new issue, and recognizes our 'a+' stand-alone credit profile on TD Bank," said Standard&Poor's credit analyst Lidia Parfeniuk. (For more information, see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect.) The 'A-' rating is two notches below the stand-alone credit profile (SACP),

  
Brief Excerpt:

...TORONTO (Standard & Poor's) June 19, 2015--Standard & Poor's Ratings Services today said it assigned its 'A-' issue rating to The Toronto Dominion Bank's (TD Bank) proposed Tier 2 subordinated debentures in the amount of C$1.5 billion. The issuer credit ratings (ICR) on TD Bank are '##-/A-1+' with a negative outlook. "The rating on this issue reflects our criteria for hybrid capital instruments and the features of the new issue, and recognizes our 'a+' stand-alone credit profile on TD Bank," said Standard & Poor's credit analyst Lidia Parfeniuk. (For more information, see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect.) The 'A-' rating is two notches below the stand-alone credit profile (SACP), incorporating: + The deduction of one notch from the SACP for subordination, reflecting our belief that the Canadian legal and regulatory framework insulates senior debt from defaults on the subordinated debt; and +...

  
Report Type:

Ratings Action

Ticker
TD@CN
Issuer
Toronto-Dominion Bank
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Public Finance, Structured Finance
Country
Canada
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "The Toronto-Dominion Bank's Proposed Tier 2 Subordinated Debentures Rated 'A-'" Jun 19, 2015. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/The-Toronto-Dominion-Bank-s-Proposed-Tier-2-Subordinated-Debentures-Rated-A-1406371>
  
APA:
S&P Global Ratings’ Credit Research. (). The Toronto-Dominion Bank's Proposed Tier 2 Subordinated Debentures Rated 'A-' Jun 19, 2015. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/The-Toronto-Dominion-Bank-s-Proposed-Tier-2-Subordinated-Debentures-Rated-A-1406371>
  
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