Dundee Securities Downgrades RBC & TD Bank to 'Sell'

Financial Post, Jonathan Ratner, 16 January 2009Both Royal Bank and Toronto-Dominion Bank were downgraded to a �sell� at Dundee Securities on expectations for weaker credit quality, bringing them in line with the firm�s bearish view on the sector as a whole and its recommendations for all of the Big 5 banks.Despite significant deterioration in its U.S. loan portfolio�s credit quality, Royal�s