Fitch Affirms Marshall & Ilsley Corporation Ratings; Outlook Stable.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 -- 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 affirmed the long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and the short-term rating of Marshall & Ilsley Corporation (MI) and its subsidiary banks including M&I Marshall & Ilsley Bank at 'A+' and 'F1+', respectively. The Rating Outlook remains Stable. A complete list of ratings is provided at the end of this release. MI's ratings reflect solid operating results despite a challenging rate environment, strong contribution to earnings from fee-based business lines, continued sound level of asset quality, and improvement in capital ratios. Earnings performance benefited from continued asset growth, increasing yields on originations, and a solid contribution from its fee-based businesses including Metavante Corporation Metavante is a company that provides financial technology services and software to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization is headquartered in Milwaukee, Wisconsin and employs over 5,600 employees in 35 U.S. , MI's wholly-owned data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a unit. These contributors are offset by the arduous interest rate environment; causing margins to shrink. As a result, earnings performance has remained stable and at higher levels than similarly rated peers. Asset quality remains a strength of the company. However, NPAs experienced a manageable uptick Uptick A transaction occurring at price above its previous transaction. In order for an uptick to occur, a transaction price must be followed by an increased transaction price. in 2H06. Capital ratios have improved since acquisition activity pushed the tangible equity ratio to 4.77% in 2004. Since then, earnings retention has augmented capital, resulting in YE06 tangible equity ratio at 5.83%. Fitch has affirmed the following ratings with a Stable Outlook: Marshall & Ilsley Corporation --Long-term IDR at 'A+'; --Senior Debt at 'A+'; --Short-term at 'F1+'; --Commercial Paper at 'F1+'; --Individual at 'A/B'; --Support at '5'. M&I Marshall & Ilsley Bank --Long-term IDR at 'A+'; --Long-term Deposits at 'AA-' --Senior Debt at 'A+'; --Subordinated Debt at 'A'; --Short-term deposits at 'F1+' --Short-term at 'F1+'; --Individual at 'A/B'; --Support at '5'. M&I Bank FSB (FrontSide Bus) See system bus. FSB - front side bus --Long-term IDR at 'A+'; --Long-term Deposits at 'AA-' --Individual at 'A/B'; --Short-term Issuer at 'F1+' --Commercial Paper at 'F1+' --Short-term deposits at 'F1+'; --Support at '5'. Southwest Bank of St. Louis --Long-term IDR at 'A+'; --Long-term Deposits at 'AA-' --Individual at 'A/B'; --Short-term Issuer at 'F1+' --Short-term deposits at 'F1+'; --Support at '5' M&I Capital Trust A M&I Capital Trust B --Preferred Stock at 'A'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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