NEW YORK -- Moody's Investors Service Inc. affirmed credit ratings last week for Mellon Bank Corp. and two subsidiaries, Mellon Financial Co. and Mellon Bank of Pittsburgh. The moves affected about $3 billion in company debt.
The agency also affirmed long- and short-term deposit ratings of Boston Safe Deposit and Trust Co., a subsidiary of the Boston Co., which Mellon has agreed to acquire.
Moody's said the acquisition would increase Mellon's debt leverage. However, Mellon has improved its capitalization and core profitability, and the merger will strengthen its position as a leading provider of certain fee-based services.