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. On Oct. 6, 2011, Standard&Poor's Ratings Services 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 ratings on the bank and related
