On March 15, 2007, Standard&Poor's Ratings Services raised its ratings on The Toronto-Dominion Bank, including the long-term counterparty credit rating to 'AA-' from 'A+'. At the same time, Standard&Poor's raised its counterparty credit rating on TD Banknorth, NA to 'AA-' from 'A' and its counterparty credit rating on TD Banknorth Inc. to 'AA-' from 'A-'. The proposed privatization of TD Banknorth and its strong strategically important status resulted in the lift in the rating notching. The equalization of the ratings on TD Banknorth, NA and TD Banknorth Inc. reflects the expectation that TD Bank would support the holding company, TD Banknorth Inc., as much as the operating bank. The outlook is stable. The upgrade reflects TD
