NEW YORK - Ratings at Bank of New York Co. and its banks were confirmed recently by Standard & Poor's ratings group. Approximately $1.8 billion of outstanding long-term debt is affected.

Additionally, Standard & Poor's said it has revised its long-term debt ratings outlook on the parent and its affiliates to "positive" from "stable."

In explaining its elevated long-term outlook on Bank of New York, S&P cited a strong operating performance derived from a diverse set of national and regional credit and fee-based businesses.

"Bank of New York has assembled valuable credit card and securities processing franchises, maintains a prominent position in wholesale lending, and is expanding its retail network in suburban New York City," said S&P.

The rating agency expects the pending acquisitions of J.P. Morgan's and BankAmerica's securities processing business to propel Bank of New York into the top tier of master trust-custody banks with $2.9 trillion of custodial assets.

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