Standard & Poors Rating Services (S&P) affirmed its ‘AA-‘ long-term, and ‘A-1+’ short-term, counterparty credit ratings on bank holding company Northern Trust Corporation.
S&P also raised the long-term counterparty credit rating for The Northern Trust Company, the corporations principal subsidiary, to ‘AA’ from ‘AA-‘,awarding both entities a stable outlook.
In a research update issued 30 May 2008, S&P cited Northern Trusts “strong market position as a leading provider of personal, corporate and institutional trust, custody, and investment management services.” S&P also took into consideration Northern Trusts “consistent profitability” adding “We believe that Northern Trusts prudent management strategy, conservative lending policies, and disciplined risk management policies and procedures have allowed it to outperform its peers in a challenging market environment.”
“These credit ratings actions are tangible evidence of Northern Trusts consistent strength and financial stability, especially in turbulent times,” says Frederick H. Waddell, president and CEO, Northern Trust Corporation.