S&P Upgrades TD Bank ( TD.PR.M / TD.PR.N / TD.PR.O )

S&P has upgraded TD Bank … upgrading banks seems to have become something of a habit for ratings agencies lately!

The credit rating has been improved to “AA−/Stable/A−1+” from “A+/Positive/A−1”. Canadian Dollar preferred shares have been improved to “A” from “A-“. It’s not entirely clear to me whether the Preferred Share National Scale Ratings (P-1(low), currently) have been changed or not, but I suspect not.

More later.

Later, more: S&P have issued their press release:

(Standard & Poor’s) March 15, 2007–Standard & Poor’s Ratings Services today said it raised its ratings on The Toronto-Dominion Bank (TD Bank), including the long-term counterparty credit rating to ‘AA-‘ from ‘A+’. At the same time, Standard & Poor’s raised its counterparty credit rating on TD Banknorth, NA to ‘AA-‘ from ‘A’ and its counterparty credit rating on TD Banknorth Inc. to ‘AA-‘ from ‘A-‘. The proposed privatization of TD Banknorth and its strong strategically important status resulted in the lift in the rating notching. The equalization of the ratings on TD Banknorth, NA and TD Banknorth Inc. reflects the expectation that TD Bank would support the holding company, TD Banknorth Inc., as much as the operating bank. The outlook is stable.

It does not appear that the NSR Preferred Share Rating has changed.

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