Various Ratings Lowered On 20 Primary Market Issues On Toronto Dominion Bank And TD Bank N.A. Downgrades

CHICAGO (S&P Global Ratings) Oct. 18, 2024--S&P Global Ratings lowered its short-term ratings on 18 bond issues backed by letters of credit (LOCs) from TD Bank N.A. and two bond issues backed by LOCs from Toronto-Dominion Bank, New York branch) (see table). The rating actions reflect the Oct. 15, 2024, lowering of our long- and short-term issuer credit ratings (ICRs) on TD Bank N.A. (For more information, see "The Toronto-Dominion Bank Downgraded To 'A+/A-1' On Anti-Money Laundering Deficiencies; Outlook Is Stable," published Oct. 15, 2024, on RatingsDirect.) The long-term rating component reflects the credit support in the form of an irrevocable direct-pay LOC that TD Bank N.A. and Toronto-Dominion Bank, New York branch, provide, which addresses our expectation of full

...The rating actions reflect the Oct. 15, 2024, lowering of our long- and short-term issuer credit ratings (ICRs) on TD Bank N.A. (For more information, see "The Toronto-Dominion Bank Downgraded To 'A+/A-1' On Anti-Money Laundering Deficiencies; Outlook Is Stable," published Oct. 15, 2024, on RatingsDirect.) The long-term rating component reflects the credit support in the form of an irrevocable direct-pay LOC that TD Bank N.A. and Toronto-Dominion Bank, New York branch, provide, which addresses our expectation of full and timely interest-and-principal payments when the bondholders have not exercised their put option. The short-term component of our rating reflects our short-term ICR on the respective LOC provider and addresses our expectation of full and timely interest-and-principal payments when the bondholders have exercised the put option. Changes to the ratings on these bonds could result from, among other things, changes to the ratings on the support providers, the correlation assumptions,...

Ratings Action