DBRS Assigns AA to State Street Bank and Trust Company’s Extendible Notes Issuance; Trend Stable

DBRS, Inc. (DBRS) has today assigned a rating of AA with a Stable trend to State Street Bank and Trust Company’s (SSBT or the Bank) issuance of Extendible Senior Unsecured Floating Rate Notes initially due 2014 (Extendible Notes). While the Extendible Notes are subordinated to depositors, the subordination was not deemed sufficient enough to warrant a one notch subordination differential to the Deposits rating.

SSBT expects to use the net proceeds from the sale of the Extendible Notes for general corporate purposes.

State Street Bank and Trust Company is the principal banking subsidiary of State Street Corporation (the Company), a financial holding company headquartered in Boston, MA. SSBT accounted for approximately 98% of the Company’s $204.5 billion in assets at September 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: 11 November 2005
Most Recent Rating Update: 20 December 2011

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