Formidable domestic retail platform anchoring a diverse business portfolio Conservative risk culture Well-executed acquisitions Substantial exposure to leveraged Canadian consumer sector, much like its large domestic peers, partly mitigated by a significant amount of insured mortgages Moderate but improving U.S. franchise returns Standard&Poor's Ratings Services' outlook on The Toronto-Dominion Bank (TD Bank) is negative, similar to the other five large Canadian banks, reflecting the possibility that Standard&Poor's might reduce the additional uplift it includes in the rating for extraordinary government support. The issuer credit rating (ICR) on TD Bank currently incorporates one notch of uplift for our expectation that the bank would receive extraordinary government support in a crisis. We could lower the rating on TD
