In Brief: Fitch Raises Ratings On Bank of New York

Fitch Investors Service raised its ratings on Bank of New York Co. and its subsidiaries.

Fitch cited strong profitability, driven primarily by the bank's strong processing businesses, superior operating efficiency and solidloan loss reserve and capital positions. Concerns include the impact ofstrengthened competition on the company's retail banking franchise and the market position of its corporate banking unit, as well as rising losses in the remaining credit card portfolio.

Affected ratings at the corporation level include senior debt, upgraded to AA-minus from A-plus; subordinated debt, raised to A-plus from A, and preferred stock, boosted to A-plus from B.

Fitch also upgraded the company's commercial paper to F1-plus from F-1.

Fitch's long- and short-term ratings on the principal subsidiary, Bank of New York, its certificates of deposit, and support of structured transactions have been upgraded to AA and F1-plus from A-plus and F1, respectively.

Additionally, the rating on trust-preferred stock issued by BNY Capital I-an entity set up for that purpose-has been upgraded to A-plus from A.