Toronto-Dominion 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 revising the outlook to positive from stable based on expectations that the bank will continue its strong domestic performance and successfully integrate its most recent U.S. acquisitions, and that credit quality in the U.S. will show tangible and sustainable signs of improvement. We are affirming our 'AA-/A-1+' counterparty credit ratings on TD Bank and related entities. We expect 2010 earnings and financials to remain strong. On June 28, 2010, Standard&Poor's Ratings Services revised its outlook on The Toronto-Dominion Bank (TD Bank) to positive from stable on expectations that the bank will continue its
