DBRS Discontinues TD’s Class A First Preferred Shares, Series M & N due to Redemption

DBRS has today discontinued the ratings on the Class A First Preferred Shares, Series M & N, of Toronto-Dominion Bank (TD or the Bank), following the Bank’s redemption of all the outstanding securities on October 31, 2011. The Pfd-1 (low) ratings have been Under Review with Negative Implications since August 17, 2011, following the revision of how DBRS views the elevated risk of conversion of bank convertible preferred shares into common equity.

Today’s actions apply only to the aforementioned convertible preferred securities that DBRS rates; all other preferred share ratings of the Bank are unaffected.

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 these 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: Brenda Lum
Initial Rating Date: November 30, 1980
Most Recent Update: August 17, 2011