Fitch: Bank of New York Mellon preferreds BBB

Fitch Ratings said it assigned a BBB rating to Bank of New York Mellon Corp.'s $500 million series D non-cumulative perpetual preferred stock.

Proceeds from the issuance are for general corporate purposes.

Fitch said the rating for the series D is notched from the bank's viability rating of AA-, which was affirmed on Feb. 28.

The ratings for the series D reflect application of Fitch's criteria for bank hybrid capital instruments and incorporate three notches for non-performance and two notches for loss severity, the agency said.

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