Very strong domestic retail platform anchoring a diverse business portfolio Effective risk management and well-articulated risk appetite Successful acquisition history Exposure to leveraged Canadian consumer sector, much like large domestic peers, partly mitigated by a substantial amount of insured mortgages Reliance on wholesale funds though not to the same degree as peers Our outlook on The Toronto-Dominion Bank (TD Bank) is stable based on our expectations that the bank will continue to post strong operating results and resilient earnings. Our outlook also reflects TD Bank's premier franchise, which holds either the No. 1 or No. 2 market share position in all of its domestic consumer products. Over our two-year outlook horizon, we could lower the issuer credit rating (ICR) if
