Fitch affirms Charles Schwab

Fitch Ratings said it affirmed Charles Schwab Corp.'s long-term issuer default rating at A, senior unsecured notes at A, short-term issuer default rating at F1 and short-term debt at F1. The agency also said it affirmed the BBB+ trust preferred rating of Schwab Capital Trust I.

The outlook is stable.

The affirmation reflects Schwab's conservative financial profile, along with its established franchise in retail brokerage and asset gathering, which provides a stable source of core earnings, Fitch said.

One key constraining factor is the exposure of the firm's business model to trends in financial markets and to interest rate levels, the agency said.

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