Very strong domestic retail platform anchoring a diverse business portfolio Effective risk management and well-articulated risk appetite Successful acquisition history Substantial exposure to leveraged Canadian consumer sector, much like its large domestic peers, partly mitigated by a substantial amount of insured mortgages Focus on increasing riskier (than mortgages) auto and credit cards loans, which might produce higher loan losses in the future Our outlook (two-year horizon) on The Toronto-Dominion Bank (TD Bank) is stable based on our expectations that the bank will continue to post strong, albeit slower growing operating results, and is also based on its resilient earnings. Our outlook also reflects TD Bank's premier franchise, which holds either the No. 1 and No. 2 market share position in
