Credit-rating agency A.M. Best has granted a favorable rating to BNY Trade Insurance, subsidiary of the Bank of New York Mellon Corporation (BK). The financial strength rating of “A-” and issuer credit rating of “a-” of BNY Trade Insurance Ltd. has been affirmed and upgraded to positive from stable.

The rating agency acknowledges the company’s strong balance sheet position, consistently favorable operating results, disciplined operating strategy and solid enterprise risk management.

BNY Trade is also happily placed by being a wholly owned subsidiary of the Bank of New York Mellon Corp, a leading financial services company with over $20 trillion in assets under custody and corporate trustee with $8 trillion in assets under trusteeship. It ranks among the top 10 global asset managers with more than $1 trillion in assets under management. The rating action also takes into consideration the high probability of financial and other support from the parent company.

Negatives to the rating include restricted market and product mix and substantial concentration in the investment of its assets and large insurance underwriting exposures.

Bank of New York Mellon’s debt rating is “Aa2″ by Moody’s and “AA-” by Standard and Poor’s. It is also rated “AA-” with a stable outlook by Fitch.

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