Formidable domestic retail platform Conservative risk culture Better core deposit funding than peers Growing North American retail banking presence Continued asset quality challenges in the U.S. Integration risk of most recent U.S. acquisitions The ratings on The Toronto-Dominion Bank (TD Bank) reflect Standard&Poor's Ratings Services' view of the bank's formidable domestic retail operations, which continue to be the core growth engine with a substantial base of stable earnings, and a conservative risk culture. In addition, the bank has used its domestic strength to build out an increasing retail banking presence in North America, where it now holds a No. 4 position in retail deposits. Its rapidly growing presence in the U.S., however, exposes TD Bank to the economic
