Fitch Ratings affirmed the A+ long-term and F1 short-termissuer default ratings of BrownBrothers Harriman & Co. and its subsidiaries.
The outlook remains stable. The actions were taken in conjunctionwith Fitch's U.S. trust and processing bank peer review.
Fitch said the affirmation of the company's issuer defaultratings reflects its long history of conservative management, consistentoperating track record, low-risk balance sheet, and solid capital and liquidityposition. The ratings also reflect the company's solid business franchise incustody, focusing on financial institution and asset manager clients.
Brown Brothers Harriman is one notch lower than the threeother trust and processing banks in the review. Fitch said the differencereflects the company's smaller scale and less financial flexibility as aprivately held partnership compared with the larger, publicly traded companies.