NEW YORK - (Business Wire) Fitch Ratings has assigned ratings to The Bank of New York Mellon (Ireland) Limited, (BNYMIL), an Ireland-based bank subsidiary of Bank of New York Mellon Corporation (BK) as follows: Bank of New York Mellon (Ireland) Limited
-- Long-term Issuer Default Rating (IDR) 'AA-';
-- Short-term IDR `F1+';
-- Long-term deposits `AA-';
-- Short-term deposits `F1+';
-- Support Rating `1'.
The Rating Outlook is Stable.
BNYMIL, a newly-licensed bank, conducts corporate trust activities in Ireland for BK. Fitch considers the balance sheet low risk, with client deposits raised through corporate trust activities and held in short-term obligations of other BK entities and in high quality liquid investments issued by nonaffiliated organizations.
Fitch has assigned IDRs equivalent to those of the ultimate parent BK, and deposit ratings are also based on the parent's IDRs. The activities conducted by BNYMIL are tightly integrated into BK's core global corporate trustee businesses. Risk management and oversight functions are also tightly integrated with BK's global framework. Due to the extremely high probability of support from parent BK, a support rating of `1' is assigned.
Additional information is available at 'www.fitchratings.com'.
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Fitch Ratings
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com
David Spring, +1-312-368-3194 (Chicago)
Joe Scott, +1-212-908-0624 (New York)
