Fitch affirms Brown Brothers Harriman

Fitch Ratings said it affirmed the long- and short-term issuer default ratings of Brown Brothers Harriman & Co. at A+ and F1, respectively.

The outlook remains stable.

The agency said the affirmation reflects the company's solid franchise in its core custody business, management's conservative, long-term approach, consistent operating performance and a low-risk balance sheet, with sound capital and liquidity positions.

Fitch said the custodian business model benefits from economies of scale and possesses high barriers to entry due to high technology costs and also features high switching costs.

The agency said the business also generates significant deposit balances that Fitch considers core in nature.

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