Moody’s Investors Service hasassigned a long-term deposit rating of Aa2 and a short-term deposit rating of P-1 to the CIBC Mellon Trust Co., CIBC Mellon said Monday.

Moody’s also affirmed CIBC Mellon’s bank financial strength rating (BFSR) of B-, its long-term issuer rating of Aa2 and its stable rating outlook.

“The ratings recognize our strong relationship with our parents, and our ability to offer world class solutions to the Canadian market,” said Thomas MacMillan, president and CEO of CIBC Mellon, in a news release.

Last year, Moody’s had assigned a bank financial strength rating (BFSR) of B- and issuer rating of Aa2 to CIBC Mellon Trust Company, citing the company’s excellent standing in its primary Canadian markets (asset servicing and issuer services), robust governance discipline, excellent capitalization, a lack of material credit risk, and an operations and technology platform available through its relationship with The Bank of New York Mellon, that allowed CIBC Mellon to benefit from economies of scale.

CIBC Mellon is 50-50 jointly owned by CIBC and The Bank of New York Mellon Corporation. CIBC Mellon provides stock transfer, corporate trust and plan administration services.