DBRS Finalizes Provisional Rating on TD’s Non-Viability Contingent Capital Subordinated Debt at A (low), Stable

DBRS Limited (DBRS) has today finalized the provisional rating of A (low) with a Stable trend to The Toronto-Dominion Bank’s 2.692% Medium-Term Notes (subordinated debentures) due June 24, 2025 (Non-Viability Contingent Capital (NVCC Sub Debt)).

Following the review of documentation associated with the recent offering, DBRS has confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on June 18, 2015. For further details on the provisional rating, please see the DBRS press release from that date entitled “DBRS Assigns Provisional Rating of A (low), Stable, to TD’s Non-Viability Contingent Capital Subordinated Debt.”

The aggregate gross proceeds from the NVCC Sub Debt totalled $1.5 billion. Proceeds from the issuance will be used for general business purposes.

Notes:
All figures are in Canadian dollars (CAD) unless otherwise noted.

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.

The applicable methodologies are Global Methodology for Rating Banks and Banking Organisations (June 2014) and Rating Bank Capital Securities - Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2015), which can be found on our website under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.