On Oct. 23, the rating agency downgraded the long-term issuer rating to A3 from A2 of TD Group US Holdings LLC, (GUS) the U.S. Intermediate Holding Company of TD Bank US Holding Co., the parent company for TD Bank, N.A. Additionally, it downgraded the long-term ratings and assessments of The Toronto-Dominion Bank, including its baseline credit assessment, to a2 from a1, its long-term counterparty risk ratings to Aa2 from Aa1 and the bank's long-term counterparty risk assessment to Aa3(cr) from Aa2(cr).