Bank of New York: Duff & Phelps Credit Rating Co. upgraded the debt ratings of the Bank of New York Co. and its major subsidiary, Bank of New York.

The parent company's senior debt was raised to A from A-minus, its subordinated debt was lifted to A-minus from BBB-plus, and its preferred stock was upgraded to BBB-plus from BBB.

The upgrades reflect the bank's improving asset quality, solid reserve coverage measures, strong earning power, ample capital strength, and reduced risk profile.

The bank now derives about half of total revenues from a number of fee-based businesses that add stability to its revenue streams, the ratings agency said.

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