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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Toronto-Dominion Bank (The)Global Credit Research - 13 Jan 2022Toronto, January 13, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Toronto-Dominion Bank (The) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 11 January 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology (ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.The Toronto-Dominion Bank's (TD) Aa2 long-term senior debt rating and the ratings of several subsidiaries, are derived from its a1 baseline credit assessment (BCA) and the application of Moody's advanced loss given failure to its assumed liabilities at failure, as well as the positive impact of government support.TD's very high ratings are attributable to its strong domestic retail franchise and business mix, which generate stable and recurring profits. TD's BCA is supported by very strong and stable profitability and healthy asset quality characterized by very low non-performing assets and limited credit concentrations. The bank's reliance on confidence-sensitive wholesale funding is moderate compared to the Canadian peer group but still notable, although TD has the highest personal deposits and lowest reliance on short-term unsecured wholesale funding amongst peers.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Banks Methodology published in July 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Robert Colangelo VP - Senior Credit Officer Financial Institutions Group Moody's Canada Inc. 70 York Street Suite 1400 Toronto, ON M5J 1S9 Canada JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Andrea Usai Associate Managing Director Financial Institutions Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Canada Inc. 70 York Street Suite 1400 Toronto, ON M5J 1S9 Canada JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). 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