... is supported by its strong domestic retail franchise as well as its overall retail-oriented business mix, which generates stable and recurring profits. TD typically has a first or second market share position in many personal and commercial (P&C) products, with the bank generating approximately 90% (5-year average) of its earnings from its retail businesses (including Canadian P&C, wealth management, insurance, and US P&C and excluding its corporate segment), making TD the most retail-oriented bank of its Canadian peers. This disciplined, retail-oriented management culture has yielded exceptional risk-adjusted returns over time, benefitting creditors, and is recognized through a one-notch positive qualitative scorecard adjustment for Corporate Behavior. TD's ratings are further supported by strong asset quality, peer- leading capitalization, and very good liquidity, which protects against unexpected losses and market shocks. TD's US regional...