Company: TDBCP
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036947
Chunk: 9

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-26
Form: 424B5
Chunk 9
---
 to rate the Notes may assign unsolicited ratings. If any non-hired rating agency assigns an unsolicited rating to the Notes, there can be no assurance that such rating will not
differ from, or be lower than, the ratings provided by a hired rating agency. The decision to decline a rating assigned by a hired rating agency, the delayed publication of such rating or the assignment of a
non-solicited rating by a rating agency not hired by us could adversely affect the market value and liquidity of the Notes.

The credit ratings and outlooks provided by rating agencies reflect their views and are subject to change from time to time, based on a number
of factors, including our financial strength, capital adequacy, competitive position, asset quality, business mix, corporate governance and risk management, the level and quality of our earnings and liquidity, as well as factors not entirely within
our control, including the methodologies used by rating agencies and conditions affecting the overall financial services industry. Our borrowing costs and ability to obtain funding are influenced by our credit ratings. Reductions in one or more of
our credit ratings could adversely affect our ability to borrow funds and raise the costs of our borrowings substantially and could cause creditors and business counterparties to raise collateral requirements or take other actions that could
adversely affect our ability to raise funding. In addition to credit ratings, our borrowing costs are affected by various other external factors, including market volatility and concerns or perceptions about the financial services industry
generally. There can be no assurance that we will maintain our credit ratings and outlooks and that credit ratings downgrades in the future would not have a material adverse effect on our ability to borrow funds and borrowing costs. Some of our
credit ratings were downgraded following the global resolution of the investigations into our U.S. Bank Secrecy Act/Anti-Money Laundering Program, and our credit ratings and outlooks could be further downgraded if the rating agencies consider that
the impact of such global resolution is more negative or sustained

S-7

than they expected, including if we fail to meet the requirements imposed by its regulators or if the non-monetary penalties weaken our U.S. franchise.
Downgrades in our credit ratings also may trigger additional collateral or funding obligations which, depending on the severity of the downgrade, could have a material adverse effect on our liquidity, including as a result of credit-related
contingent features in certain of our derivative contracts.

Risks Relating to Floating Rate Notes

You Must Rely on Your Own