The Toronto-Dominion Bank's Additional Tier 1 Structure Limited Recourse Capital Notes Rated 'BBB'

TORONTO (S&P Global Ratings) July 22, 2021--S&P Global Ratings said today it assigned its 'BBB' issue-level rating to The Toronto-Dominion Bank's (TD Bank; AA-/Stable/A-1+) Canadian dollar-denominated additional Tier I structure limited recourse capital notes. Under this structure, a trust has been established where the bank is the sole beneficiary. Investors of the notes will have recourse only to the assets held by the trust. At the same time, S&P Global Ratings assigned its 'BBB' issue-level rating to the bank's preferred shares, which will reside in the trust. In accordance with our criteria for hybrid and other capital instruments, the rating reflects our analysis of the proposed instrument, and our assessment of TD Bank's 'a+' stand-alone credit profile (SACP). The 'BBB'

...July 22, 2021 TORONTO (S&P Global Ratings) July 22, 2021--S&P Global Ratings said today it assigned its '###' issue-level rating to The Toronto-Dominion Bank's (TD Bank; ##-/Stable/A-1+) Canadian dollar-denominated additional Tier I structure limited recourse capital notes. Under this structure, a trust has been established where the bank is the sole beneficiary. Investors of the notes will have recourse only to the assets held by the trust. At the same time, S&P Global Ratings assigned its '###' issue-level rating to the bank's preferred shares, which will reside in the trust. In accordance with our criteria for hybrid and other capital instruments, the rating reflects our analysis of the proposed instrument, and our assessment of TD Bank's 'a+' stand-alone credit profile (SACP). The '###' issue rating is four notches below TD Bank's SACP, incorporating: - A deduction of one notch, the minimum downward notching from the SACP under our criteria for subordinated debt, reflecting contractual...

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