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S&P: State Street unaffected
Standard & Poor's said its ratings on State Street Corp. are not affected by the company's solid first quarter earnings.
The agency said the company's results reflect higher fees and net interest revenue, compared with the previous quarter, somewhat offset by seasonally elevated operating expenses. Net income rose to $417 million from $371 million in fourth-quarter 2011. On an adjusted operating basis, net income declined to $410 million from $454 million in the previous quarter.
Still, the adjusted pretax operating margin was approximately 25%, which is within S&P's expectations for the ratings, the agency said.
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