Investor Relations

Credit Ratings


The Toronto-Dominion Bank

Moody's

S&P

Fitch

DBRS

Deposits/Counterparty

Aa1

AA-

AA

AA (high)

Legacy Senior Debt1

Aa2

AA-

AA

AA (high)

Senior Debt2

A1

A

AA-

AA

Covered Bonds

Aaa

-

-

AAA

Subordinated Debt

A2 

A

A

AA (low)

Subordinated Debt - NVCC

A2 (hyb)

A-

A

A

Preferred Shares - NVCC

Baa1 (hyb)

BBB

BBB+

Pfd-2 (high)

Limited Recourse Capital Notes – NVCC

Baa1 (hyb)

BBB

BBB+

A (low)

Short Term Debt (Deposits)

P-1

A-1+

F1+

R-1 (high)

Outlook

Stable

Stable

Stable

Stable

TD Bank, N.A.

Moody's

S&P

Fitch

DBRS

Long Term Deposits

Aa2

AA-

AA

AA

Long Term Debt

A1

AA-

AA-

AA

Subordinated Debt

-

A

-

AA (low)

Short Term Debt (Deposits)

P-1

A-1+

F1+

R-1 (high)

Outlook

Stable

Stable

Stable

Stable

TD Bank US Holding Company

Moody's

S&P

Fitch

DBRS

Long Term Debt (Deposits)

A1

AA-

-

AA

Short Term Debt (Deposits)

-

-

-

R-1 (high)

Outlook

Stable

Stable

Stable

Stable

TD South East Asia Limited

Moody's

S&P

Fitch

DBRS

Long Term Debt (Deposits)

A1

AA-

-

-

Short Term Debt (Deposits)

P-1

A-1+

-

-

Outlook

Stable

Stable

-

-

1Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime, including debt with an original term to maturity of less than 400 days and most structured notes.

2Subject to conversion under the bank recapitalization "bail-in" regime.

For further information, please refer to each of the respective rating agency's public website.

Credit ratings should not be construed as a recommendation to buy, sell or hold TD's debt instruments. Ratings may be revised or withdrawn at any time by the rating agencies.

Information as of August 18, 2022.


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