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DBRS Morningstar confirms Northern Trust ratings

DBRS Morningstar confirmed the ratings of Northern Trust Corp., including its long-term issuer rating of AA (low).

It also confirmed the ratings of its primary banking unit, Northern Trust Co.

The trend for all ratings is stable.

The rating agency said Northern Trust's ratings reflect its strong market positions in investment servicing, investment management and the personal trust business. DBRS Morningstar also said Northern Trust's "relatively low risk balance sheet and very strong funding, liquidity and capitalization" support its ratings.

Primary risks for Northern Trust remain reputational and operational in nature, given the complexity associated with managing global operations across numerous regulatory jurisdictions, the rating agency said.

DBRS Morningstar can upgrade the company's ratings if Northern Trust further diversifies its business mix or meaningfully improves its market position in current businesses. While the rating agency does not see likely downward ratings pressure, it could take negative rating actions if Northern Trust has "sustained negative operating leverage" or if it begins to lose clients, which will show "diminished franchise strength."