The Globe and Mail reports in its Friday edition that Moody's has downgraded TD Bank on concerns over poor governance and anti-money-laundering failures that led U.S. authorities to impose tight restrictions on the lender's growth in the U.S. The Globe's Stefanie Marotta writes that TD pleaded guilty earlier this month to conspiracy to commit money laundering, prompting regulators to impose an indefinite cap on asset growth in TD's U.S. retail banking units and require an independent review of the bank's board and management. Moody's lowered the long-term ratings of TD and its U.S. subsidiaries, including its Baseline Credit Assessment (BCA), which evaluates the strength of a company without government support measures. When a company receives a lower rating, it typically has to offset that risk by paying higher rates when it borrows money. Prime Minister Justin Trudeau told the House Wednesday, "We are making sure that there is full accountability for those responsible for this wrongdoing in the United States." While Moody's downgraded TD's BCA to a2 from a1, the bank's ratings are still well above junk. S&P said TD's management "failed to live up to standards expected of one of the world's highest-rated banks."