Formidable domestic retail platform anchoring a diverse business portfolio Conservative risk culture Above-average core deposit funding Effective approach to growth opportunities Substantial exposure to leveraged Canadian consumer sector Moderate but improving profitability of U.S. franchise The stable outlook reflects Standard&Poor's Ratings Services view that The Toronto-Dominion Bank's (TD Bank's) core retail-oriented franchise spanning both Canadian and U.S. markets incorporates sufficient resilience to weather a range of economic conditions, even recognizing the potential for more drawn-out recoveries in both markets. We could lower the ratings on TD Bank if deterioration in economic conditions were to lead to material erosion in its profitability and capitalization, such that its risk-adjusted capital (RAC) ratio weakened and remained below 7% in the next
