01:28 PM EDT, 05/30/2024 (MT Newswires) -- S&P Global Ratings on Wednesday revised its outlook on Toronto-Dominion Bank ( MLWIQXX ) to "negative" from "stable" and affirmed its "AA-/A-1+" long- and short-term issuer credit ratings on the bank and its subsidiaries.

The negative outlook reflects that there is a one-in-three chance we could lower the ratings on TD Bank in the next two years, the rating agency said.

S&P believes that the ongoing investigations into the bank's anti-money laundering practices point to weaknesses in the bank's risk management and controls.

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