DBRS Assigns Provisional Rating to TD’s Non-Viability Contingent Capital Preferred Shares of Pfd-2, Stable

DBRS has today assigned a provisional rating to The Toronto-Dominion Bank’s (the Bank or TD) Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 1 (NVCC Preferred Shares Series 1 or Series 1) Pfd-2 with a Stable trend.

DBRS assigned the NVCC Preferred Shares Series 1 a rating equal to that Bank’s intrinsic assessment less four rating notches, as the Series 1 has only an Office of the Superintendent of Financial Institutions (OSFI)-compliant non-viable contingent capital (NVCC) trigger, which is consistent with the OSFI requirements for NVCC instruments, and no additional triggers.

The rating is consistent with the DBRS criteria Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities.

For more information on DBRS’s methodologies and criteria or the banking industry, visit www.dbrs.com or contact us at info@dbrs.com.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 2013), which can be found on our website under Methodologies.