(The following statement was released by the rating agency)
NEW YORK, June 11 (Fitch) Fitch Ratings has assigned a 'BBB'
rating to Bank of
New York Mellon's Corporation's (BK) $500 million series D
perpetual preferred stock. Proceeds from the issuance are for
KEY RATING DRIVERS - SUBORDINATED AND OTHER HYBRID SECURITIES
The rating for BK's series D are notched from BK's Viability
Rating (VR) of
'AA-', which was affirmed on Feb. 28, 2013 (see press release
U.S. Trust and Processing Bank Ratings Following Industry Peer
ratings for the series D reflect application of Fitch's criteria
for bank hybrid
capital instruments and incorporate three notches for
non-performance and two
notches for loss severity.
RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID
The rating for BK's series D preferred is highly sensitive to
BK's VR. To the
extent BK's VR were to change, the rating on the series D would
Fitch has assigned the following rating:
Bank of New York Mellon Corporation
--Preferred stock 'BBB'.
Fitch Ratings Inc.
One State Street Plaza
New York, NY 10004
Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549,
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research
--'Global Financial Institutions Rating Criteria', Aug. 15,
--'Assessing and Rating Bank Subordinated and Hybrid
Securities', Dec. 5, 2012;
--'U.S. Trust and Processing Banks - In Custody Banks We Trust',
March 21, 2013.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
Assessing and Rating Bank Subordinated and Hybrid Securities
U.S. Trust & Processing Banks - In Custody Banks We Trust
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