...Ratings Affirmed: Northern Trust Corporation's (NTRS) ratings reflect the company's solid franchise in institutional asset management, private wealth management, asset custody, low risk appetite and conservative culture, continued sound operating performance, and highly liquid balance sheet. Diverse Business Model: The company's ratings are supported by its business model, which is well balanced between its institutional and wealth management segments. NTRS benefits from high barriers and economies of scale in both custody and asset/wealth management. The custody business also brings NTRS ample levels of deposit funding that Fitch considers core in nature. Conservative Balance Sheet: NTRS' conservatively managed balance sheet is a key rating strength. The company has 66% of its assets invested in cash and high-quality securities, 91% of which are rated `AAA' or `AA'. Additionally, NTRS' net charge-offs in its loan portfolio have remained below 10 basis points in each of the last three years,...
