Fitch Rates State Street's Subordinated Debt Issuance 'A'

Thu May 9, 2013 12:32pm EDT

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(The following statement was released by the rating agency) CHICAGO, May 09 (Fitch) Fitch Ratings has assigned a rating of 'A' to State Street Corporation's long-term subordinated debt issuance. RATING ACTION AND RATIONALE In accordance with Fitch's rating criteria, this subordinated notes issuance is rated one notch below STT's viability rating (VR), which was affirmed on Feb. 28, 2013 following Fitch's peer review of the U.S. Trust and Processing Bank industry. The notes are priced at 135 basis points over the ten-year treasury and mature on May 15, 2023. RATING DRIVERS AND SENSITIVITIES - VRs and IDRs: The rating of this issuance is sensitive to any changes in the VR of ST. Ratings will move up or down in tandem with STT's viability rating. SUPPORT RATINGS AND SUPPORT FLOOR RATINGS: Not applicable RATING DRIVERS AND SENSITIVITIES - Subordinated Debt and Other Hybrid Securities: The subordinated notes are sensitive to any change in STT's VR, as they are rated one notch below the VR. Should the VR move, the subordinate notes rating would move in tandem with any movement in the VR. RATING DRIVERS AND SENSITIVITIES - Holding Company: Not applicable RATING DRIVERS AND SENSITIVITIES - Subsidiary and Affiliated Company Rating: Not applicable Fitch has assigned the following ratings: State Street Corporation --Long-term subordinated notes 'A'. Contact: Primary Analyst Justin Fuller, CFA Director 70 W. Madison Street Chicago, IL 60606 +1-312-368-2057 Joseph Scott Senior Director +1-212-908-0624 Committee Chairperson Joo-Yung Lee Managing Director +1-212-908-0560 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available at www.fitchratings.com. In addition to the source(s) of information identified in Fitch's Master Criteria, these actions were additionally informed by information provided by the companies. Applicable Criteria and Related Research: --'Risk Radar' (Jan. 16, 2013); --'U.S. Banks: Rationalizing the Branch Network (Witness the Incredible Shrinking Branch Network)' (Sept. 17, 2012); --'U.S. Banks: Mortgage Representations and Warranties (Banks Increase Reserves; Uncertainty Remains)' (Aug. 20, 2012) --'Global Financial Institutions Rating Criteria' (Aug. 15, 2012); --'Rating FI Subsidiaries and Holding Companies' (Aug. 10, 2012); --'Treatment of Unrealized Losses in U.S. Bank Capital Rule Proposal (Pro-Cyclical Capital Policy to Create Greater Capital Volatility for Banks)' (Aug. 7, 2012); --'Basel III: Return and Deleveraging Pressures' (May 17, 2012); --'Assessing and Rating Bank Subordinated and Hybrid Securities' (Dec. 05, 2012). Applicable Criteria and Related Research Risk Radar Update here U.S. Banks: Rationalizing the Branch Network (Witness the Incredible Shrinking Branch Network) here U.S. Banks: Mortgage Representations and Warranties (Banks Increase Reserves; Uncertainty Remains) here Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Treatment of Unrealized Losses in U.S. Bank Capital Rule Proposal (Pro-Cyclical Capital Policy to Create Greater Capital Volatility for Banks) here Basel III: Return and Deleveraging Pressures here Assessing and Rating Bank Subordinated and Hybrid Securities here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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