...Ratings Affirmed: Fitch Ratings affirmed State Street Corporation's (State Street) long-term issuer default rating (IDR) at `AA-' on Aug. 14, 2015. The affirmation reflects State Street's stable operating performance, seasoned risk management practices, continued conservative overall balance sheet posture, and ongoing efforts to streamline its business, which Fitch believes will lead to positive operating leverage in a higher short-term interest rate environment. Outlook Stable: State Street's Rating Outlook remains Stable. According to Fitch, State Street's ratings are at the higher end of their potential rating range and are in line with direct peers such as Bank of New York Mellon (BK) and Northern Trust Corporation (Northern). Leading Franchise in Asset Custody: State Street's strong franchise in asset custody (AUC) and administration, as well as asset management, has created a good competitive positioning for the company. Given the scale necessary to operate in these businesses, State...
