Toronto-Dominion Bank, The: Credit Rating Report

On May 3, 2024, DBRS Limited (Morningstar DBRS) confirmed its credit 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 credit 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 reflects the expectation of timely systemic support from the Government of Canada (rated AAA with a Stable trend). 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.