Toronto-Dominion Bank's Senior Resolution Notes Rated 'A'

TORONTO (S&P Global Ratings) Oct. 11, 2018--S&P Global Ratings today said it assigned its 'A' issue-level rating to Toronto-Dominion Bank's (TD) senior resolution notes (callable fixed rate notes CUSIP 89114QRT7), which mature April 30, 2020. These notes are issued pursuant to a prospectus supplement dated Sept. 24, 2018 that describes the specific provisions related to the notes being rated. We understand the structure and its provisions meet regulatory requirements for inclusion in TD's total loss-absorbing capacity (TLAC). We expect the issue will also meet our criteria for inclusion in our own measure of additional loss-absorbing capacity, as we expect any future redemption would be, effectively, subject to regulatory approval. Our approach to rating TD's senior resolution notes is consistent with

...TORONTO (S&P Global Ratings) Oct. 11, 2018--S&P Global Ratings today said it assigned its 'A' issue-level rating to Toronto-Dominion Bank's (TD) senior resolution notes (callable fixed rate notes CUSIP 89114QRT7), which mature April 30, 2020. These notes are issued pursuant to a prospectus supplement dated Sept. 24, 2018 that describes the specific provisions related to the notes being rated. We understand the structure and its provisions meet regulatory requirements for inclusion in TD's total loss-absorbing capacity (TLAC). We expect the issue will also meet our criteria for inclusion in our own measure of additional loss-absorbing capacity, as we expect any future redemption would be, effectively, subject to regulatory approval. Our approach to rating TD's senior resolution notes is consistent with our approach to rating senior subordinated notes being issued by peer banks in jurisdictions where we view resolution regimes as effective. This issuance comes after Canadian regulators finalized...

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