S&P ups State Street to stable

Standard & Poor's said it revised the outlooks on State Street Corp. and its subsidiaries to stable from negative and affirmed the A+ long-term counterparty credit rating on State Street and AA-/A-1+ counterparty credit rating on the company's main bank subsidiary State Street Bank & Trust.

The outlook revision incorporates the view that State Street's legal and reputational risks will be manageable in the foreseeable future, in the context of a currently more liquid market environment and the company's solid core earnings generation, S&P said.

The outlook change also takes into account State Street's progress in reducing risks in its securities lending business and its on-balance sheet investments in 2010, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.