Fitch gives Northern Trust debt A+

Fitch Ratings said it assigned Northern Trust Corp.'s subordinated debt issuance a rating of A+.

Northern Trust recently issued $750 million of subordinated notes at the holding company with an annual coupon of 3.95% and a maturity date of Oct. 30, 2025. The proceeds from the issuance will be used for general corporate purposes.

Fitch noted that these notes are unsecured obligations of Northern Trust and rank junior to depositors, general creditors, and existing and future senior debt, and equally with all of Northern Trust's existing and future subordinated debt.

Under the rating criteria, the agency rates subordinated debt one notch from the company's viability rating of aa-, yielding a subordinated debt rating for this issuance of A+.

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