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 largest banks Strong risk management and modest risk appetite 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 S&P Global Ratings' stable outlook reflects its expectation that Toronto-Dominion Bank's (TD) robust balance sheet, good diversification by products and geography, strong earnings history, and consistent operating performance will help the bank reduce the negative impact from the COVID-19 pandemic and from lower interest rates. We expect
