Published:
The Northern Trust Company Upgraded to 'AA' by Standard & Poor's; Credit Ratings Affirmed for Northern Trust Corporation
CHICAGO, June 6 /PRNewswire-FirstCall/ -- Northern Trust announced today
that Standard & Poor's 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 corporation's principal subsidiary,
to 'AA' from 'AA-', awarding both entities a stable outlook.
In a research update issued May 30, 2008, S&P cited Northern Trust's
"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 Trust's "consistent profitability" and added:
"We believe that Northern Trust's 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."
Frederick H. Waddell, president and chief executive officer of Northern
Trust Corporation, welcomed the S&P report. "These credit ratings actions are
tangible evidence of Northern Trust's consistent strength and financial
stability, especially in turbulent times," Waddell said.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of
investment management, asset and fund administration, fiduciary and banking
solutions for corporations, institutions and affluent individuals worldwide.
Northern Trust, a multibank holding company based inChicago, has a growing
network of 85 offices in 18 U.S. states and has international offices in 15
locations inNorth America,Europe, theMiddle East and theAsia-Pacific
region. As of March 31, 2008, Northern Trust had assets under custody of
US$4.0 trillion, and assets under investment management of US$778.6 billion.
Northern Trust, founded in 1889, has earned distinction as an industry leader
in combining exceptional service and expertise with innovative products and
technology. For more information, visit http://www.northerntrust.com.
SOURCE Northern Trust Corporation
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