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, balanced by a smaller corporate lending book than that of peers Higher exposure than some peers to highly indebted Canadian households The stable outlook reflects our expectation that over our two-year outlook horizon, Toronto-Dominion Bank (TD) is well positioned to absorb any remaining fallout from the pandemic due to its substantial earnings power, including higher credit losses, which we expect will increase but be manageable. We also
