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S&P Credit Research820 word report
published Nov 06, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Nov. 6, 2009--Standard&Poor's Ratings Services said today that its ratings on State Street Corp. (A+/Negative/A-1) are not affected by the company's announcement that it will add $250 million to its legal reserves related to investor losses in certain fixed-income strategies that State Street Global Advisors (SSgA) managed through 2007. The company says that the addition will boost this reserve to $443 million from $193 million, pro-forma as of Sept. 30, 2009, and takes into account a potential resolution of SEC proceedings on this matter. Adjusted for a recently settled class-action suit, the reserve would be $353 million. Considering that the initial reserve established in fourth-quarter 2007 was $625 million, these possible missteps at
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: State Street Corp. Rating Unaffected By Addition To Legal Reserves Publication date: 06-Nov-2009 Primary Credit Analyst: Barbara Duberstein, New York (1) 212-438-5656; barbara_duberstein@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | STT
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| Issuer: | State Street Corp.
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| GICS: | Asset Management & Custody Banks (40203010)
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| Sector: | Global Issuers, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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