The ratings on The Toronto-Dominion Bank (TD Bank) reflect the bank's formidable domestic retail operations, which continue to be the core growth engine with a substantial base of stable earnings, opportunistic discount brokerage position, and a conservative risk culture. The ratings also reflect the challenging performance at TD Banknorth although its planned privatization by TD Bank speaks to the level of commitment in the U.S. Standard&Poor's Ratings Services believes that TD Bank is well positioned to meet or exceed its 2007 financial targets. We expect the bank to end 2007 on a stronger footing once again relative to most of its peers in the domestic retail banking arena. Revenue growth (albeit slower than 2006) should be driven by
