Fitch: Commerce Bancorp unaffected

Fitch Ratings said that Commerce Bancorp, Inc.'s A- long-term issuer default rating and stable outlook are unchanged following the company's request for a 15-day filing extension for its 10-K report for the year ended Dec. 31.

As detailed in a Securities and Exchange Commission filing, the company requires additional time to complete an analysis of unresolved tax accounting matters. Depending on the results of this analysis, Commerce Bancorp may be required to restate its financial statements with regard to its provision for taxes for the years 2004, 2005 and 2006.

The agency said that while it considers the filing delay and the potential for a restatement of prior period earnings a concern, the issue is expected to have minimal impact on prior period and future earnings. As such, this issue will not likely affect the ratings of the company or its subsidiaries.

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