NEW YORK (Standard&Poor's) Aug. 26, 2004--Standard&Poor's Ratings Services today affirmed its ratings on The Toronto-Dominion Bank (TD Bank), including the bank's 'A+/A-1' counterparty credit ratings, 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 is stable. 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 Canada. "With respect to the acquisition, Standard&Poor's does not expect this transaction to generate substantial
