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Fitch affirms BNY Mellon, State Street, Northern Trust

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Fitch affirms BNY Mellon, State Street, Northern Trust

Fitch Ratings on July 12 affirmed the ratings of ,State Street Corp. andNorthern Trust Corp.,driven by high barriers to entry in their business models, good capital ratiosin the context of their low risk balance sheets and their strong liquiditypositions.

Among the ratings affirmed were the banks' long-term issuerdefault ratings of AA-, with stable outlooks.

According to Fitch, it does not expect trust banks to beadversely affected by the decision of the U.K. to leave the European Union becausesettlements occurred without issue in the aftermath of the so-called Brexit.