Investor Relations

Credit Ratings

The Toronto-Dominion Bank

Moody's

S&P

Fitch

DBRS

Deposits/ Counterparty

Aa2

A+

AA

AA (high)

Legacy Senior Debt1

Aa3

A+

AA

AA (high)

Senior Debt2

A2

A-

AA-

AA

Covered Bonds

Aaa

-

AAA

AAA

Legacy Subordinated Debt (non-NVCC3)

A3

A-

A

AA (low)

Tier 2 Subordinated Debt (NVCC3)

A3 (hyb)

BBB+

A

A

AT1 Perpetual Debt (NVCC3)

Baa2 (hyb)

BBB-

BBB+

-

Limited Recourse Capital Notes (NVCC3)

Baa2 (hyb)

BBB-

BBB+

A (low)

Preferred Shares (NVCC3)

Baa2 (hyb)

BBB-

BBB+

Pfd-2 (high)

Short Term Debt (Deposits)

P-1

A-1

F1+

R-1 (high)

Outlook

Stable

Stable

Negative

Negative (Long Term); Stable (Short Term)

TD Bank, N.A.

Moody's

S&P

Fitch

DBRS

Long Term Deposits

Aa3

A+

AA

AA

Long Term Debt

A2

A+

AA-

AA

Short Term Debt (Deposits)

P-1

A-1

F1+

R-1 (high)

Outlook

Stable

Stable

Negative

Negative

TD Bank US Holding Company

Moody's

S&P

Fitch

DBRS

Long Term Debt (Deposits)

A2

A+

-

AA

Short Term Debt (Deposits)

-

-

-

R-1 (high)

Outlook

Stable

Stable

Negative

Negative

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 Ratings may be revised or withdrawn at any time by the rating agencies.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 October 23, 2024.

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