Trust New York Corp. have Fitch Investors Service fretting about the long- term credit rating of the money-center bank. In confirming its A rating on $150 million of subordinated debentures due in 2015, the rating agency said high-profile legal problems have created a "declining" credit trend. Fitch also said the company's reliance on trading and client risk management services made earnings more volatile this year. Year-to-date net income of $89 million amounts to a return on assets of 0.11%, which the agency said is low, based on the company's historic performance and compared with its peer group. On the positive side, Fitch cited the bank's liquid balance sheet as supporting its credit rating. Loans accounted for 12.3% of total assets at Sept. 30, compared with the 48.5% of total assets made up by trading account assets.

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