S&P Seesaw On Commerce Bancorp Ratings
April 2, 2008
Last Tuesday saw Standard & Poor increase their ratings for Commerce Bancorp so that they matched those of TD Bank Financial Group.
The counter-party credit ratings for Commerce Bancorp were raised from BBB+/A-2 to AA-/A-1+. The ratings for Commerce Bank were also raised to AA-/A-1+ from A-/A-2.
Soon after the upgrades however, S&P announced that they were withdrawing the ratings change on Commerce.