DBRS assigns A (low) rating to The Bank of New York Mellon Corporation’s Preferred Stock; Trend Stb

DBRS, Inc. (DBRS) has today assigned a rating of A (low) with a Stable trend to The Bank of New York Mellon Corporation’s (BNY Mellon or the Company) $550 million issuance (with an $82.5 million over-allotment option) of noncumulative perpetual preferred stock. The ratings are positioned three notches below BNY Mellon’s Issuer & Senior Debt rating of AA (low), which also carries a Stable trend. This notching is consistent with DBRS’s base notching policy for preferred shares issued for AA (low) rated entities.

BNY Mellon expects to use the net proceeds from the sale of the noncumulative perpetual preferred stock for general corporate purposes.

The Bank of New York Mellon Corporation, a financial holding company headquartered in New York City, reported $330.3 billion in assets at June 30, 2012.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal applicable methodology used is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the Rating Bank Preferred Shares and Equivalent Hybrids methodology and the DBRS Criteria – Intrinsic and Support Assessments. All can be found on the DBRS website under Methodologies.

The sources of information used for this rating include company documents, the Federal Deposit Insurance Corporation and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Michael Driscoll
Approver: Alan G. Reid
Initial Rating Date: 2 July 2007
Most Recent Rating Update: 5 April 2012

For additional information on this rating, please refer to the linking document under Related Research.