The preferred stock rating is detailed below and is consistent with Fitch's notching criteria from each of the entities Viability Rating (VR). Northern's IDR is currently rated
The five notch differential in the ratings of Northern's preferred stock include two notches for loss severity given these securities deep subordination in the capital structure, and three notches for non-performance given that the coupon of the securities is non-cumulative and fully discretionary.
KEY RATING DRIVERS - PREFERRED STOCK AND OTHER HYBRID SECURITIES
Northern's preferred stock rating is five notches below the entities
KEY RATING SENSITIVITIES - PREFERRED STOCK AND OTHER HYBRID SECURITIES
The ratings of preferred stock issued by Northern are primarily sensitive to any change in the company's
Fitch Rates the following:
Northern Trust Corporation
--Preferred Stock 'BBB'.
Additional information is available at 'www.fitchratings.com'.
--'Global Financial Institutions Rating Criteria' (
--'Rating FI Subsidiaries and Holding Companies' (
--'Assessing and Rating Bank Subordinated and Hybrid Securities' (
--'U.S. Bank HoldCos & OpCos: Evolving Risk Profiles' (
Global Financial Institutions Rating Criteria
Rating FI Subsidiaries and Holding Companies
Assessing and Rating Bank Subordinated and Hybrid Securities Criteria
U.S. Bank HoldCos & OpCos: Evolving Risk Profiles
70 W. Madison, Street
Source: Fitch Ratings
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