Strong domestic retail platform Lower variability in future earnings Lower credit risk profile Successful shift in strategy to retail banking Better core deposit funding than peers Challenges associated with the expansion into U.S. retail and commercial banking industry through TD Banknorth Inc. (now TD Banknorth) Reduced future revenues from investment banking/corporate lending operations in the U.S. but also reduced risk Pressure on mortgage products market share The ratings on The Toronto-Dominion Bank (TD Bank) reflect the bank's formidable domestic retail operations--the largest of the Canadian banks--and benefit from a low-risk industry and refocus on this business segment. The ratings also reflect the bank's success at cleaning up the balance sheet, reducing risk, and eliminating some of the variability in earnings
