Toronto-Dominion Bank, The: Rating Report

On May 14, 2021, DBRS, Inc. (DBRS Morningstar) confirmed the ratings of TD and its related entities, including TD’s Long-Term Issuer Rating of AA (high) and Short-Term Issuer Rating of R-1 (high). The trend on all ratings is Stable. TD’s Long-Term Issuer Rating is composed of an Intrinsic Assessment (IA) of AA and a Support Assessment (SA) of SA2, which reflect the expectation of timely systemic support from the Government of Canada (rated AAA with a Stable trend by DBRS Morningstar). The SA2 designation results in a one-notch uplift to the Bank’s Long-Term Issuer Rating. The rating confirmations and Stable trends recognize TD’s strong banking franchise, including its leading Canadian retail franchise. Additionally, the Bank’s large and growing U.S. retail bank contributes to TD’s geographic and earnings diversity.