(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
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:
RATING DRIVERS AND SENSITIVITIES - Subordinated Debt and Other
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:
RATING DRIVERS AND SENSITIVITIES - Subsidiary and Affiliated
Fitch has assigned the following ratings:
State Street Corporation
--Long-term subordinated notes 'A'.
Justin Fuller, CFA
70 W. Madison Street
Chicago, IL 60606
Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549,
Additional information is available at www.fitchratings.com.
In addition to the source(s) of information identified in
Criteria, these actions were additionally informed by
information provided by
Applicable Criteria and Related Research:
--'Risk Radar' (Jan. 16, 2013);
--'U.S. Banks: Rationalizing the Branch Network (Witness the
Shrinking Branch Network)' (Sept. 17, 2012);
--'U.S. Banks: Mortgage Representations and Warranties (Banks
Uncertainty Remains)' (Aug. 20, 2012)
--'Global Financial Institutions Rating Criteria' (Aug. 15,
--'Rating FI Subsidiaries and Holding Companies' (Aug. 10,
--'Treatment of Unrealized Losses in U.S. Bank Capital Rule
(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'
Applicable Criteria and Related Research
Risk Radar Update
U.S. Banks: Rationalizing the Branch Network (Witness the
U.S. Banks: Mortgage Representations and Warranties (Banks
Global Financial Institutions Rating Criteria
Rating FI Subsidiaries and Holding Companies
Treatment of Unrealized Losses in U.S. Bank Capital Rule
Capital Policy to Create Greater Capital Volatility for Banks)
Basel III: Return and Deleveraging Pressures
Assessing and Rating Bank Subordinated and Hybrid Securities
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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS
here. IN ADDITION,
ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS,
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AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE
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SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
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ON THE FITCH