Fitch downgrades TD Bank outlook to negative on anti-money laundering issues
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 28/05/2024 (816 days ago), so information in it may no longer be current.
TORONTO – Fitch Ratings Inc. says it has downgraded its outlook on TD Bank Group to negative from stable because of the potential fallout from anti-money laundering deficiencies at the bank.
The credit rating agency, which at the same time affirmed its long-term credit rating of AA- for the bank, says the negative outlook reflects the uncertainty stemming from the multiple investigations the bank faces about its anti-money laundering practices in the U.S.
Fitch says the outcomes could include both monetary and non-monetary penalties, including barriers to further acquisitions in the U.S., while efforts to address shortcomings could divert focus from ongoing operations.
TD reported results last week that showed its profits were down 22 per cent from last year, largely because of a $615 million charge it took related to one of the investigations.
The bank said it was also pulling back on expansion plans in the U.S. as it continues discussions with regulators.
TD says other rating agencies have so far maintained their stable outlook on the bank.
This report by The Canadian Press was first published May 28, 2024.
Companies in this story: (TSX:TD)