Toronto-Dominion Bank Outlook Revised To Negative On Risk Management And Controls Weaknesses; 'AA-' Rating Affirmed - S&P Global Ratings’ Credit Research

Toronto-Dominion Bank Outlook Revised To Negative On Risk Management And Controls Weaknesses; 'AA-' Rating Affirmed

Toronto-Dominion Bank Outlook Revised To Negative On Risk Management And Controls Weaknesses; 'AA-' Rating Affirmed - S&P Global Ratings’ Credit Research
Toronto-Dominion Bank Outlook Revised To Negative On Risk Management And Controls Weaknesses; 'AA-' Rating Affirmed
Published May 29, 2024
4 pages (2330 words) — Published May 29, 2024
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

We believe ongoing investigations into The Toronto-Dominion Bank's (TD Bank) anti-money laundering (AML) practices point to weaknesses in the bank's risk management and controls. While the bank has initially provisioned US$450 million related to AML deficiencies, we believe that the full financial impact and the extent of TD Bank's control issues, and how this weakness might affect the bank's future business and strategy, are currently uncertain. S&P Global Ratings revised its outlook on TD Bank to negative from stable and affirmed its 'AA-/A-1+' long- and short-term issuer credit ratings on the bank and its subsidiaries. The negative outlook reflects that there is a one-in-three chance we could lower the ratings on TD Bank in the next two years. TORONTO (S&P

  
Brief Excerpt:

...May 29, 2024 - We believe ongoing investigations into The Toronto-Dominion Bank's (TD Bank) anti-money laundering (AML) practices point to weaknesses in the bank's risk management and controls. - While the bank has initially provisioned US$450 million related to AML deficiencies, we believe that the full financial impact and the extent of TD Bank's control issues, and how this weakness might affect the bank's future business and strategy, are currently uncertain. - S&P Global Ratings revised its outlook on TD Bank to negative from stable and affirmed its '##-/A-1+' long- and short-term issuer credit ratings on the bank and its subsidiaries. - The negative outlook reflects that there is a one-in-three chance we could lower the ratings on TD Bank in the next two years. TORONTO (S&P Global Ratings) May 29, 2024--S&P Global Ratings said it revised its outlook on TD Bank to negative from stable. At the same time, we affirmed our '##-/A-1+' issuer credit ratings (ICRs) on TD Bank and its subsidiaries....

  
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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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Toronto-Dominion Bank Outlook Revised To Negative On Risk Management And Controls Weaknesses; 'AA-' Rating Affirmed" May 29, 2024. Alacra Store. May 07, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Toronto-Dominion-Bank-Outlook-Revised-To-Negative-On-Risk-Management-And-Controls-Weaknesses-AA-Rating-Affirmed-3187491>
  
APA:
S&P Global Ratings’ Credit Research. (). Toronto-Dominion Bank Outlook Revised To Negative On Risk Management And Controls Weaknesses; 'AA-' Rating Affirmed May 29, 2024. New York, NY: Alacra Store. Retrieved May 07, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Toronto-Dominion-Bank-Outlook-Revised-To-Negative-On-Risk-Management-And-Controls-Weaknesses-AA-Rating-Affirmed-3187491>
  
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