Moody's affirms State Street

Moody's Investors Service said it affirmed the Aa3 senior debt rating of State Street Corp. following its $2.5 billion common stock offering.

The outlook remains negative.

Moody's said the increased capital allows State Street to better manage the potential consolidation of its asset-backed commercial paper conduits and any associated writedowns.

The agency noted that the company's financial performance remains strong, led by robust fee generation and improved net interest income, as well as limited loan risk.

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