Investor Relations

Credit Ratings

The Toronto-Dominion Bank


	Moody's	S&P	Fitch	DBRS
Deposits/ Counterparty	Aa1	A+	AA	AA
Legacy Senior Debt¹	Aa2	A+	AA	AA
Senior Debt²	A2	A-	AA-	AA (low)
Covered Bonds	Aaa	-	AAA	AAA
Legacy Subordinated Debt (non-NVCC³)	A3	A-	A	A (high)
Tier 2 Subordinated Debt (NVCC³)	A3 (hyb)	BBB+	A	A (low)
AT1 Perpetual Debt (NVCC³)	Baa2 (hyb)	BBB-	BBB+	-
Limited Recourse Capital Notes (NVCC³)	Baa2 (hyb)	BBB-	BBB+	BBB (high)
Preferred Shares (NVCC³)	Baa2 (hyb)	BBB-	BBB+	Pfd-2
Short Term Debt (Deposits)	P-1	A-1	F1+	R-1 (high)
Outlook	Stable	Stable	Negative	Stable

TD Bank, N.A.


	Moody's	S&P	Fitch	DBRS
Long Term Deposits	Aa3	A+	AA	AA (low)
Long Term Debt	A2	A+	AA-	AA (low)
Short Term Debt (Deposits)	P-1	A-1	F1+	R-1 (middle)
Outlook	Stable	Stable	Negative	Stable

TD Bank US Holding Company


	Moody's	S&P	Fitch	DBRS
Long Term Debt (Deposits)	A2	A+	-	AA (low)
Short Term Debt (Deposits)	-	-	-	R-1 (middle)
Outlook	Stable	Stable	Negative	Stable

TD South East Asia Limited


	Moody's	S&P	Fitch	DBRS
Long Term Debt (Deposits)	A2	A+	-	-
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.

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

³Non-Viability Contingent Capital.

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 Ratings may be revised or withdrawn at any time by the rating agencies.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 September 15, 2025.

Learn more about fixed income

Debt Information