S&P revises State Street view to stable

S&P said it revised the outlook for State Street Trust & Bank Co. to stable from positive after the agency revised Japan’s outlook to stable.

“We assess SSTB as a core subsidiary within State Street Corp. Although the creditworthiness of SSTB incorporates our assessment of the likelihood of it receiving extraordinary support from its group, the sovereign credit rating still constrains the rating on the bank, in our view,” S&P said in a press release.

If S&P downgrades Japan’s sovereign rating, the agency said it’s likely it would do the same to the bank’s rating.

The agency affirmed State Street’s A+ issuer rating.

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