We are revising the outlook on Toronto-Dominion Bank (TD Bank) to stable from positive based on our expectations that a weak Canadian economic recovery will provide more challenging operating conditions than had previously been expected. TD Bank continues to experience consistent and strong core operating performance from domestic operations with a growing contribution from its U.S. retail bank. We are affirming our 'AA-/A-1+' counterparty credit ratings on TD Bank and related entities. TORONTO (Standard&Poor's) Oct. 6, 2011--Standard&Poor's Ratings Services today said it revised its outlook on TD Bank to stable from positive on reduced expectations that future operating outperformance will provide sufficient grounds for an upgrade in the near-to-medium term. Standard&Poor's also affirmed its
