Formidable domestic retail platform Low credit risk profile Better core deposit funding than peers TD Banknorth's weak performance The risk of losing focus on the corporate strategy while repositioning TD Banknorth for growth The ratings on The Toronto-Dominion Bank (TD Bank) reflect the bank's formidable domestic retail operations, which continue to be the core growth engine with a substantial base of stable earnings, opportunistic discount brokerage position, and a conservative risk culture. The ratings also reflect the challenging performance at TD Banknorth although its planned privatization by TD Bank speaks to the level of commitment in the U.S. Standard&Poor's Ratings Services believes that TD Bank is well positioned to meet or exceed its 2007 financial targets. We expect
