...Viability Rating (VR) Underpins Issuer Default Rating (IDR): The Bank of New York Mellon Corporation's (BK) IDR is driven by its 'aa-' VR, strong franchise, conservatively managed balance sheet and strong liquidity. These attributes are offset by Fitch Ratings' assessment of the company's relatively weaker earnings and profitability and capital and leverage relative to similarly rated banks. The Outlook is Stable, as we expect BK's credit fundamentals to remain in line with its current ratings, despite our expectations for a weaker economy in 2025. Leading Franchise Supports Ratings: The ratings are supported by BK's leading franchise in the global trust and custody segment; competitive position in asset and wealth management businesses; and leading position in securities clearing. The bank's business model produced a high level of relatively stable fee-based revenue (of about 73.2% of total revenue) in 2024, which Fitch views favorably. The scale and breadth of product offerings in businesses...
