We believe that the Canadian banking sector is encountering incremental pressure from headwinds facing the Canadian economy, which is heightening economic risk in the banking system. We also believe that industry risk for the Canadian banking sector is increasing. We expect that intensifying competition for loans and deposits will lead to pressure on profitability growth, especially in banks' retail businesses. We are affirming our 'AA-/A-1+' long- and short-term issuer credit ratings on Toronto-Dominion Bank (TD Bank), and revising the outlook to stable from negative. The stable outlook reflects our expectation that TD Bank will maintain its current credit profile in the next 24 months. On Dec. 13, 2012, Standard&Poor's Ratings Services affirmed its long- and short-term issuer credit
