Following a review of The Toronto-Dominion Bank (TD Bank) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we are affirming our ratings on the bank, including the 'AA-/A-1+' long- and short-term issuer credit ratings. The outlook is stable. The ratings on TD Bank are based on its strong business position, adequate capital and earnings, adequate risk position, and above-average funding and adequate liquidity, compared with those of global peers with the same industry and economic risk scores. The ratings on TD Bank benefit from a one-notch uplift for potential extraordinary government support in a crisis. We expect stable performance from TD Bank's retail-oriented Canadian and U.S. franchises, based on resilient asset quality and ongoing revenue growth
