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Rating Action:

Moody's Puts Ratings of Bank of America, National Association (Aaa Deposits) on Review for Downgrade

19 Dec 2008

Ratings of parent Bank of America Corporation already on review

New York, December 19, 2008 -- Moody's Investors Service today placed on review for possible downgrade the long-term deposit and debt ratings of Bank of America, N.A. (BANA), the principal bank subsidiary of Bank of America Corporation (BAC), together with the long-term deposit and debt ratings BAC's other banking subsidiaries. The Prime-1 short-term ratings of BAC, BANA, and affiliates were affirmed.

Moody's last rating action for Bank of America was on September 15, 2008 when BANA's A- bank financial strength rating (BFSR) and the long-term debt ratings of BAC (senior at Aa2) were placed on review for possible downgrade following the announcement that BAC had agreed to acquire Merrill Lynch & Co., Inc. At that time, the debt and deposit ratings of BANA were affirmed, reflecting Moody's opinion that any downgrade of BANA's BFSR would likely be limited to one notch. Moody's noted that a one-notch downgrade of BANA's bank financial strength rating to B+ would not impact the bank's deposit and debt ratings; these ratings benefit from a very high likelihood of systemic support given BANA's position as the largest US depository institution.

The review of BANA's BFSR and BAC's ratings is still pending. However, since September, the macroeconomic climate has continued to deteriorate, as highlighted in the rating agency's recent publication "Global Macro-Risk Scenarios 2009-2010 -- From Global Integration to Global Dis-integration?" In light of this more pessimistic view, Moody's now believes that there is a greater possibility that BANA's BFSR could be downgraded by more than one notch, reflecting the greater challenges Bank of America and Merrill Lynch could face over the next few years under a more difficult economic environment. Under such circumstances, the rating agency believes it is appropriate to place BANA's long-term debt and deposit ratings under review as well. A two notch downgrade of the BFSR would likely lead to a one-notch downgrade of BANA's deposit and debt ratings, notwithstanding the bank's very high likelihood of systemic support.

BAC has indicated that it intends to complete its acquisition of Merrill Lynch at year-end. Moody's intends to conclude its review on all of the ratings of BAC, BANA and Merrill Lynch early in January after completing its assessment of the implications of Moody's revised macroeconomic scenarios for the ratings of the combined company.

The principal methodologies used in rating this issuer were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

On Review for Possible Downgrade:

..Issuer: BA Australia Limited

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Banc of America Preferred Funding Corp.

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Bank of America, National Association

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aaa

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aaa

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of Aa1 to Aaa

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of Aa1 to Aaa

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Countrywide Bank FSB

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B+

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aaa

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: FIA Card Services, National Association

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aaa

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aaa

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of Aa1 to Aaa

....Multiple Seniority Deposit Program, Placed on Review for Possible Downgrade, currently Aaa

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Fleet National Bank (Old)

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: LaSalle Bank Midwest N.A.

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: LaSalle Bank N.A.

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: MBNA Canada Bank

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: MBNA Europe Funding plc

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of Aa1 to Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

Outlook Actions:

..Issuer: BA Australia Limited

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Banc of America Preferred Funding Corp.

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Countrywide Bank FSB

....Outlook, Changed To Rating Under Review From Stable(m)

..Issuer: Fleet National Bank (Old)

....Outlook, Changed To Rating Under Review From Stable

..Issuer: MBNA Canada Bank

....Outlook, Changed To Rating Under Review From Stable

..Issuer: MBNA Europe Funding plc

....Outlook, Changed To Rating Under Review From Stable

Bank of America Corporation, headquartered in Charlotte, North Carolina reported total assets of $1.8 trillion and total equity of $161 billion at September 30, 2008.

New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
David Fanger
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Puts Ratings of Bank of America, National Association (Aaa Deposits) on Review for Downgrade
No Related Data.
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