NEW YORK (Standard&Poor's CreditWire) Aug. 3, 1999-- Standard&Poor's today affirmed its ratings on Toronto-Dominion Bank (TD) and its related entities (see list). The outlook for the bank remains stable. Toronto-Dominion Bank's planned acquisition of Canada Trust is strategically a good acquisition, propelling the bank to a position in retail banking in Canada more equal to that of its four large rivals. The upscale customer profile is also a benefit. In addition, the acquisition may break new ground in cost cutting in the Canadian market because of the high degree of overlap of retail branches. These strategic benefits outweigh the material deterioration in TD's capital structure. The high price of the acquisition will result in $5.2 billion
