The ratings on The Toronto Dominion Bank (TD Bank) reflect its very strong market position within most segments of the domestic retail banking sector. The acquisition of CT Financial Services Inc. (Canada Trust) put TD Bank in an enviable position. Other businesses of the TD group include TD Waterhouse Group Inc., the discount brokerage operations; TD Securities Inc., the investment banking arm; and TD wealth management. In the past few years, TD Bank has performed well because of a cohesive strategy. But, like its peers, the bank now is dealing with U.S. corporate credit quality issues and problematic North American capital markets affecting its performance. Standard&Poor's believes that TD Bank is among the most vulnerable of the Canadian
