Toronto-Dominion Bank, The: Credit Rating Report

On May 2, 2025, DBRS Limited (Morningstar DBRS) downgraded its long-term credit ratings on The Toronto-Dominion Bank (TD or the Bank) and its related entities, including TD's Long-Term Issuer Rating to AA from AA (high). At the same time, Morningstar DBRS downgraded the Short-Term Issuer Rating on TD Bank, N.A. and TD Bank US Holding Company to R-1 (middle) from R-1 (high) while confirming TD's short-term credit ratings. All trends are now Stable. TD's Long-Term Issuer Rating is composed of an Intrinsic Assessment (IA) of AA (low) 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.