In my humble opinion, this is a far better value play than Fortis. TD is both cheaper and has better growth than Fortis does. Banks, in general, are a bit riskier than utilities because loans are always subject to default risk. Indeed, the mortgage debt levels of Canadians are at record highs, so the risk is present today. Nevertheless, TD Bank is a financial institution with both a cheap valuation and solid growth. I own the stock, and I may buy more of it in the future.