NEW YORK (Standard&Poor's CreditWire) March 1, 1999-- Standard&Poor's today lowered the long-term counterparty credit, certificate of deposit, and senior unsecured, subordinated, and junior subordinated debt ratings for Toronto-Dominion Bank (TD). At the same time, TD's short-term counterparty, commercial paper, and short-term debt ratings are affirmed. All ratings are removed from CreditWatch, where they were placed with negative implications on Dec. 15, 1998. While TD's performance has bounced back since the latter part of fiscal 1998, longer-term considerations, such as TD's higher-risk profile due to increased stress on the investment banking businesses and high single loan concentrations, lead to the lowered ratings. In addition, TD's capital strength and profitability, while still solid, are no longer clearly superior
