Correction: Fitch Assigns 'A+' L-T Rating to Mellon Bank's Sub Debt.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is an amended version of a press release issued yesterday, containing revised information on the maturity date of Mellon Bank, N.A.'s subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". .) Fitch Ratings-Chicago-November 18, 2004: Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a long-term rating of 'A+' to $300 million in subordinated debt issued by Mellon Bank, N.A., the main operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Mellon Financial Corporation (MEL (Maya Embedded Language) See Maya. Mel - The story of Mel ). This issue bears a 4.75% coupon and will mature on Dec. 15, 2014. The proceeds will be used for general corporate purposes. The Rating Outlook is Stable. MEL is a diversified financial service firm, with a focus on asset management and processing activities. Ongoing reductions in corporate loan exposures have improved MEL's credit risk profile, although the company remains subject to credit event risk. Fitch's ratings are based on MEL's strong franchise in various asset management and processing businesses, its improving credit risk profile, and its strong liquidity position. Management has increased capital in recent periods through higher earnings retention. |
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