Credit Rating Report

Toronto-Dominion Bank, The: Rating Report

Banking Organizations

Summary

On May 4, 2023, DBRS Limited (DBRS Morningstar) confirmed its ratings on The Toronto-Dominion Bank (TD or the Bank) and its related entities, including TD’s Long-Term Issuer Rating of AA (high) and Short-Term Issuer Rating of R-1 (high). The trend on all ratings is Stable. TD’s Long-Term Issuer Rating is composed of an Intrinsic Assessment (IA) of AA and a Support Assessment (SA) of SA2, which reflect the expectation of timely systemic support from the Government of Canada (rated AAA with a Stable trend by DBRS Morningstar). As a result of the SA2 designation, the Bank’s Long-Term Issuer Rating benefits from a one-notch uplift to the Bank’s IA.

Available Documents

Ratings

Canada Trust Company, The

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
04-May-23	Long-Term Issuer Rating	AA (high)	Stb	Confirmed	CA U E
04-May-23	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Deposits	AA (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Senior Debt	AA (high)	Stb	Confirmed	CA U E
04-May-23	Short-Term Instruments	R-1 (high)	Stb	Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
04-May-23	Long-Term Issuer Rating	AA	Stb	Confirmed	CA U E
04-May-23	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Senior Debt	AA	Stb	Confirmed	CA U E
04-May-23	Short-Term Instruments	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Subordinated Debt	AA (low)	Stb	Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
04-May-23	Long-Term Issuer Rating	AA	Stb	Confirmed	CA U E
04-May-23	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Deposits	AA	Stb	Confirmed	CA U E
04-May-23	Long-Term Senior Debt	AA	Stb	Confirmed	CA U E
04-May-23	Short-Term Instruments	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Guaranteed Subordinated Debt	AA	Stb	Confirmed	CA U E
04-May-23	Subordinated Debt	AA (low)	Stb	Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
04-May-23	Long-Term Issuer Rating	AA (high)	Stb	Confirmed	CA U E
04-May-23	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Deposits	AA (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Senior Debt	AA (high)	Stb	Confirmed	CA U E
04-May-23	Short-Term Instruments	R-1 (high)	Stb	Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
04-May-23	Long-Term Issuer Rating	AA (high)	Stb	Confirmed	CA U E
04-May-23	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Deposits	AA (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Senior Debt	AA (high)	Stb	Confirmed	CA U E
04-May-23	Short-Term Instruments	R-1 (high)	Stb	Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
04-May-23	Long-Term Issuer Rating	AA (high)	Stb	Confirmed	CA U E
04-May-23	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Bail-inable Senior Debt	AA	Stb	Confirmed	CA U E
04-May-23	Long-Term Senior Debt	AA (high)	Stb	Confirmed	CA U E
04-May-23	Short-Term Instruments	R-1 (high)	Stb	Confirmed	CA U E
04-May-23	Long-Term Deposits	AA (high)	Stb	Confirmed	CA U E
04-May-23	NVCC Subordinated Debt	A	Stb	Confirmed	CA U E
04-May-23	Reset Medium-Term Notes (subordinated indebtedness)	AA (low)	Stb	Confirmed	CA U E
04-May-23	Subordinated Debt	AA (low)	Stb	Confirmed	CA U E
04-May-23	NVCC Preferred Shares	Pfd-2 (high)	Stb	Confirmed	CA U E
04-May-23	Non-Cumulative 1st Preferred Shares	Pfd-1 (low)	Stb	Confirmed	CA U E
04-May-23	NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes	A (low)	Stb	Confirmed	CA U E
04-May-23	Reset Medium-Term Notes (subordinated indebtedness) due December 14, 2105	AA (low)	Stb	Confirmed	CA U E

Canada Trust Company, The

Long-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Deposits

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Senior Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Instruments

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

TD Bank US Holding Company

Long-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Senior Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Instruments

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Subordinated Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

TD Bank, N.A.

Long-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Deposits

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Senior Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Instruments

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Guaranteed Subordinated Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Subordinated Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

TD Mortgage Corporation

Long-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Deposits

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Senior Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Instruments

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

TD Pacific Mortgage Corp.

Long-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Deposits

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Senior Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Instruments

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Toronto-Dominion Bank, The

Long-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Issuer Rating

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Bail-inable Senior Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Senior Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short-Term Instruments

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Long-Term Deposits

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

NVCC Subordinated Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:A
Trend:Stb
Rating Recovery:
Issued:CAUE

Reset Medium-Term Notes (subordinated indebtedness)

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

Subordinated Debt

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

NVCC Preferred Shares

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:Pfd-2 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Non-Cumulative 1st Preferred Shares

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:Pfd-1 (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:A (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

Reset Medium-Term Notes (subordinated indebtedness) due December 14, 2105

Date Issued:May 4, 2023
Rating Action:Confirmed
Ratings:AA (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

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Toronto-Dominion Bank, The: Rating Report

Summary

Available Documents