DBRS upgraded the ratings of Toronto-Dominion Bank and its related entities.

The rating agency upgraded the bank's long-term issuer rating to AA(high) from AA and confirmed its short-term issuer rating at R-1(high).

The trend on all ratings was revised to stable.

The upgraded ratings reflect the bank's strong performance in Canada, combined with increased earnings in the U.S, and improving fundamentals and franchise. DBRS also recognized that the bank has improved its asset generation capabilities thus enhancing the performance of the U.S. franchise.