OREANDA-NEWS. March 25, 2016. Fitch Ratings has assigned an 'F1+' commercial paper (CP) rating to The Bank of New York Mellon's (BNY Mellon) newly established \\$5 billion 3(a)(2) CP program. Concurrent with this action, Fitch has withdrawn the CP rating of Bank of New York Mellon Corporation (The), the parent of BNY Mellon as the program has ceased to exist and there are no outstanding issuances. A full list of rating actions is at the end of this rating action commentary.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The CP rating is driven by BNY Mellon's 'AA' and 'F1+' long-term and short-term Issuer Default Ratings (IDRs), respectively.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The ratings of BNY Mellon's CP program are highly sensitive to changes in the long-term or short-term IDRs of BNY Mellon.

Fitch has taken the following rating actions:

Bank of New York Mellon Corporation (The)
--Commercial paper affirmed at 'F1+' and withdrawn.

The Bank of New York Mellon
--Commercial paper assigned 'F1+'.