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Research Update: Toronto-Dominion Bank Outlook Revised To Stable From Positive On Uncertain Economic Outlook; 'AA-' Rating Affirmed Oct 11

  • ID: 1931261
  • October 2011
  • Standard & Poors

FEATURED COMPANIES

  • TD Bank N.A.
  • TD Bank US Holding Co.
  • TD Capital Trust III
  • TD Capital Trust IV
  • Toronto-Dominion Bank
  • MORE

Abstract
We are revising the outlook on Toronto-Dominion Bank (TD Bank) to stable from positive based on our expectations that a weak Canadian economic recovery will provide more challenging operating conditions than had previously been expected. TD Bank continues to experience consistent and strong core operating performance from domestic operations with a growing contribution from its U.S. retail bank. We are affirming our 'AA-/A-1+' counterparty credit ratings on TD Bank and related entities. On Oct. 6, 2011, Standard & Poor's Ratings Services revised its outlook on TD Bank to stable from positive on reduced expectations that future operating outperformance will provide sufficient grounds for an upgrade in the near-to-medium-term. Standard & Poor's also affirmed its ratings on the bank and related...

Companies mentioned in this report are:
- Toronto-Dominion Bank
- TD Capital Trust IV
- Toronto-Dominion Holdings USA Inc.
- TD Bank US Holding Co.
- TD Bank N.A.
- Northgroup Preferred Capital Corp.
- TD Capital Trust III

Action: Affirmed
Action: Outlook: Stable

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Note: Product cover images may vary from those shown

- Toronto-Dominion Bank
- TD Capital Trust IV
- Toronto-Dominion Holdings USA Inc.
- TD Bank US Holding Co.
- TD Bank N.A.
- Northgroup Preferred Capital Corp.
- TD Capital Trust III

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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