Very strong domestic retail platform anchoring a diverse business portfolio, and a significant U.S. retail franchise that offers a comparative deposit advantage Scale advantages as one of Canada's two largest banks Good historical asset quality metrics Higher exposure than peers to credit cards and automobile lending, lending categories we view as riskier, although a smaller corporate lending book than that of peers Higher exposure than some peers to highly indebted Canadian households The stable outlook reflects S&P Global Ratings' expectation that Toronto-Dominion Bank's (TD) robust balance sheet, strong diversification by products and geography, good earnings history, and consistent operating performance will balance the expected deterioration in operating performance in 2020, which will come under pressure from the impact of the
