DBRS Will Discontinue TD’s Class A First Preferred Shares, Series M and N on Redemption

DBRS will discontinue the ratings for the Non-Cumulative Class A First Preferred Shares, Series M (Series M) and Non-Cumulative Class A First Preferred Shares, Series N (Series N) of The Toronto-Dominion Bank (TD or the Bank) when the Bank redeems all the outstanding securities on October 31, 2011. The Pfd-1 (low) ratings were placed Under Review with Negative Implications on August 17, 2011, following the revision of how DBRS views the elevated risk of conversion of bank convertible preferred shares into common equity. Only to the Series M and Series N securities that DBRS rates will be discontinued; all other preferred share ratings of the Bank are unaffected.

TD announced on September 19, 2011, that the Bank will exercise its right to redeem all of its 14 million Series M and eight million Series N securities on October 31, 2011.

Notes:
The principal methodologies applicable are the Global Methodology for Rating Banks and Banking Organizations (January 2010), Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments (February 2009), Rating Bank Preferred Shares and Equivalent Hybrids (June 2009) and Rating Bank Subordinated Debt and Hybrid Capital Instruments with Contingent Risk (March 2010), which can be found on www.dbrs.com under Methodologies.

The sources of information used for these rating actions include information provided by The Toronto-Dominion Bank. DBRS considers the information available to it for the purposes of providing these rating actions to be of satisfactory quality.

For additional information on the ratings, please see DBRS Limited: Banks and Banking Organisations Linking Document by clicking the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.

Lead Analyst: Brenda Lum
Rating Committee Chair: Kent Wideman
Initial Rating Date: January 16, 2003 (Series M), and April 7, 2003 (Series N)
Most Recent Update: July 18, 2011