The Financial Post reports in its Thursday edition that the rising cost of a U.S. investigation into TD Bank's money-laundering controls is casting a darkening shadow over one of the strongest bank credit ratings in the world, with Moody's Ratings following rivals in placing a negative outlook on the company. A Bloomberg dispatch to the Post says that TD's announcement last week that it was stockpiling an additional $2.6-billion (U.S.) to resolve inquiries raises concerns about the severity of the case and its ultimate toll, Moody's said in statement late Tuesday. The shift "reflects the inherent uncertainty related to the magnitude of financial penalties and nature and duration of possible nonfinancial penalties that it could incur related to these challenges," Robert Colangelo, a senior credit officer at Moody's, said in the statement. TD closed Wednesday at $80.11, down 14 cents on the Toronto Stock Exchange.
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