Various Ratings Lowered On 81 Primary Market Issues On TD Bank N.A. Downgrade

NEW YORK (S&P Global Ratings) Oct. 18, 2024--S&P Global Ratings lowered the short-term component of its dual ratings on 81 primary market issues, supported by TD Bank N.A. The rating action follows S&P Global Ratings' lowering of the ratings on TD Bank N.A. on Oct 15, 2024. (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 component of the rating reflects the ratings on the respective obligors. The short-term component of the rating reflects the liquidity facility in the form of a standby-bond-purchase agreement provided by TD Bank N.A. The long-term rating component addresses S&P Global Ratings' expectation of the likelihood of bondholders receiving

...The rating action follows S&P Global Ratings' lowering of the ratings on TD Bank N.A. on Oct 15, 2024. (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 component of the rating reflects the ratings on the respective obligors. The short-term component of the rating reflects the liquidity facility in the form of a standby-bond-purchase agreement provided by TD Bank N.A. The long-term rating component addresses S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due if they do not exercise their put option. The short-term rating component reflects S&P Global Ratings' opinion of the likelihood of bondholders receiving interest-and-principal payments if they exercise their put option. Changes to the ratings on these bonds could result from, among other things, changes to the ratings on the support...

Ratings Action