June 11, 2013 / 9:13 PM / 5 years ago

Fitch Rates Bank of New York Mellon Corp.'s Series D Non-Cumulative Perpetual Preferred Stock 'BBB'

(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 non-cumulative perpetual preferred stock. Proceeds from the issuance are for general corporate purposes. 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 'Fitch Affirms U.S. Trust and Processing Bank Ratings Following Industry Peer Review'). The 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 SECURITIES 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 also change. Fitch has assigned the following rating: Bank of New York Mellon Corporation --Preferred stock 'BBB'. Contact: Primary Analyst Christopher Wolfe Managing Director +1-212-908-0771 Fitch Ratings Inc. One State Street Plaza New York, NY 10004 Secondary Analyst 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'. Applicable Criteria and Related Research --'Global Financial Institutions Rating Criteria', Aug. 15, 2012; --'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 here Assessing and Rating Bank Subordinated and Hybrid Securities here U.S. Trust & Processing Banks - In Custody Banks We Trust 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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