At the same time, DBRS Morningstar confirmed the ratings of its primary banking subsidiary,
KEY RATING CONSIDERATIONS
Consistent with all trust banks, the ratings also consider the operational and reputational risks associated with the important role
RATING DRIVERS
Given
RATING RATIONALE
Despite the challenging operating environment,
We view
We consider the Company's funding profile to be very strong, as deposits generated by the asset servicing and corporate trust operations provide a substantial and stable source of funds. In 2Q20, total average deposits were up 10% sequentially and 28% versus 2Q19, which we view as a flight to quality given the current environment. On the asset side,
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
The Grid Summary Grades for
Notes:
All figures are in
The principal methodology is the Global Methodology for
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
The primary sources of information used for this rating include Company Documents and
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
This rating is endorsed by
The last rating action on this issuer took place on
Generally, the conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar's outlooks and ratings are monitored.
For further information on DBRS Morningstar historical default rates published by the
Lead Analyst:
Rating Committee Chair:
Initial Rating Date:
For more information on this credit or on this industry, visit www.dbrsmorningstar.com.
Tel. +1 212 806-3277
Ratings
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
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08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Long-Term Issuer Rating Confirmed AA Stb USE
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (middle) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (middle) Stb USE
08-Oct-20 Subordinated Debt Confirmed AA (low) Stb USE
08-Oct-20 Preferred Stock Confirmed A Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Long-Term Issuer Rating Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Long-Term Issuer Rating Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Long-Term Issuer Rating Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Long-Term Issuer Rating Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Long-Term Issuer Rating Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
08-Oct-20 Short-Term Issuer Rating Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Senior Debt Confirmed AA (high) Stb USE
08-Oct-20 Short-Term Instruments Confirmed R-1 (high) Stb USE
08-Oct-20 Long-Term Deposits Confirmed AA (high) Stb USE
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