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Rating Action - Servicer:

Moody's lowers Bank of America, Merrill Lynch (snr to A1 from Aa3)

16 Jan 2009
Moody's lowers Bank of America, Merrill Lynch (snr to A1 from Aa3)

New York, January 16, 2009 -- Moody's Investors Service today lowered the debt ratings of Bank of America Corporation and Merrill Lynch & Co. (senior debt to A1 from Aa3) and the debt and deposit ratings on its subsidiaries, including its lead bank, Bank of America, N.A., and Merrill Lynch's U.S. bank subsidiaries (long-term bank deposits to Aa2 from Aa1). Moody's bank financial strength rating on the lead bank was also lowered to B- from B, which translates to a change in the baseline credit assessment to A1 from Aa3. The Prime-1 ratings on the short-term obligations of all Bank of America entities and the bank financial strength ratings of all other U.S. bank subsidiaries were affirmed. The rating outlook is negative. These actions had no impact on the FDIC-guaranteed debt issued by Bank of America Corporation and Bank of America, N.A. That debt remains rated at Aaa with a stable outlook.

The rating action follows the disclosure of substantial losses at Merrill Lynch for the fourth quarter of 2008, and more modest losses at Bank of America. At the same time, the U.S. government has agreed to limit Bank of America's exposure to additional losses in a specified pool of capital markets assets, and to purchase additional Bank of America preferred stock. In connection with this, Bank of America has reduced its common stock dividend to one cent per share.

"Moody's views positively the actions taken by Bank of America to limit further losses in the asset pool, to bolster its Tier 1 capital, and to cut its common dividend," said Moody's Senior Vice President, David Fanger. "However, in light of the magnitude of losses at Merrill Lynch, Moody's has concerns that the risk management challenges at Merrill Lynch extend beyond the pool of assets on which Bank of America is receiving government protection." This includes concerns about the strength of Merrill Lynch's risk management as well as the potential for the disruption of risk management processes during the integration. This concern is heightened by Moody's view that Bank of America's own risk management practices may need to be enhanced to accommodate the increased size and complexity of its capital markets activities following the acquisition of Merrill Lynch.

Furthermore, the rating agency added, although Bank of America's regulatory capital position has been strengthened with the additional preferred stock, Bank of America's tangible common equity position has been weakened following the reported fourth quarter losses. Moody's estimates that adjusted tangible common equity was approximately 3.9% of risk-weighted assets on a pro forma basis at year-end, down from 5.0% at mid-year. "While the reduced common dividend increases Bank of America's ability to generate capital internally, Mr. Fanger said, "we believe the bank is unlikely to generate much capital over the next year and a half due to the need to sustain high loan-loss provisions to absorb higher credit costs, most notably in credit cards and residential real estate loans."

Bank of America's ratings continue to be supported by its strong franchise. The bank has market leading positions in U.S. deposits, credit cards, and mortgages. With a nationwide franchise in each of these businesses, the bank has limited regional geographic concentrations. These businesses generate a relatively stable pre-provision earnings base with which to absorb an anticipated sharp rise in credit costs. The addition of Merrill Lynch's wealth and asset management businesses further diversify Bank of America's business mix. The bank has also been prudent in managing its borrower and counterparty concentrations. Solid liquidity profiles at both the bank and the parent holding company provide further creditor protection.

Bank of America's debt ratings benefit from Moody's view that Bank of America enjoys very high systemic support, owing to its position as the largest deposit-taking institution in the U.S. with a pro forma market share of nearly 12%. As a result, the deposits and senior debt of the U.S. bank subsidiaries of Bank of America Corporation get a two-notch lift to Aa2 from their baseline credit assessment of A1. The holding company also benefits from systemic support, but not to the same degree as the bank -- it receives a one-notch lift. The holding company's senior debt is rated A1 and its subordinated debt is rated A2.

Moody's also lowered its rating for Bank of America Corporation's preferred stock and other instruments with an equivalent claim to Baa1 from A2. The preferred stock rating was lowered by two notches in response to Moody's observation that with Bank of America's weak earnings prospects, the quarterly preferred dividend payment of $1.4 billion is a meaningful barrier to capital generation. Given the company's relatively low level of tangible common equity, this increases the possibility that preferred dividends could be deferred.

The most likely reasons for any further downgrade would be evidence of credit weaknesses resulting from the integration of Merrill Lynch, such as additional losses due to risk management failures, significant employee defections, or lost earnings due to customer attrition. A downgrade could also result if the bank were to suffer a significant deterioration in tangible common equity, most likely due to higher than anticipated losses in the bank's loan portfolio.

Moody's said that for Bank of America's B- bank financial strength rating to be upgraded, Bank of America would need to significantly improve its tangible common equity ratios, enhance its profitability, and demonstrate success in integrating Merrill Lynch without increasing its risk profile or suffering customer attrition.

Moody's last rating action on Bank of America Corporation was on January 8, 2009, when its debt ratings were downgraded to Aa3 with a negative outlook.

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.

The following ratings were affected by today's rating actions:

Issuer: Bank of America Corporation

.... Issuer Rating, Downgraded to A1 from Aa3

....Junior Subordinated Shelf, Downgraded to (P)A2 from (P)A1

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)Baa1 to (P)A1 from a range of (P)A2 to (P)Aa3

....Preferred Stock, Downgraded to Baa1 from A2

....Subordinate Regular Bond/Debenture, Downgraded to A2 from A1

....Senior Subordinated Regular Bond/Debenture, Downgraded to A2 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to a range of (P)A1 to A1 from a range of (P)Aa3 to Aa3

Issuer: Bank of America, N.A.

.... Bank Financial Strength Rating, Downgraded to B- from B

.... Issuer Rating, Downgraded to Aa2 from Aa1

....OSO Senior Unsecured OSO Rating, Downgraded to Aa2 from Aa1

....Multiple Seniority Bank Note Program, Downgraded to a range of Aa3 to Aa2 from a range of Aa2 to Aa1

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Aa3 to Aa2 from a range of Aa2 to Aa1

....Subordinate Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Subordinated Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Deposit Note/Takedown, Downgraded to Aa2 from Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

....Senior Unsecured Deposit Rating, Downgraded to Aa2 from Aa1

Issuer: Banc of America Preferred Funding Corp.

....Preferred Stock, Downgraded to A1 from Aa3

Issuer: BankAmerica Corporation (Old)

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

....Subordinate Regular Bond/Debenture, Downgraded to A2 from A1

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

Issuer: BankAmerica Capital I

....Preferred Stock, Downgraded to A2 from A1

Issuer: BankAmerica Capital II

....Preferred Stock, Downgraded to A2 from A1

Issuer: BankAmerica Capital III

....Preferred Stock, Downgraded to A2 from A1

Issuer: BankAmerica Institutional Capital A

....Preferred Stock, Downgraded to A2 from A1

Issuer: BankAmerica Institutional Capital B

....Preferred Stock, Downgraded to A2 from A1

Issuer: BankBoston Capital Trust III

....Preferred Stock, Downgraded to A2 from A1

Issuer: BankBoston Capital Trust IV

....Preferred Stock, Downgraded to A2 from A1

Issuer: BankBoston Corporation

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: Barnett Banks, Incorporated (Old)

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: Barnett Capital Trust III

....Preferred Stock, Downgraded to A2 from A1

Issuer: Boatmen's Bancshares Inc.

....Subordinate Conv./Exch. Bond/Debenture, Downgraded to A2 from A1

Issuer: Countrywide Bank FSB

.... Issuer Rating, Downgraded to Aa2 from Aa1

....OSO Senior Unsecured OSO Rating, Downgraded to Aa2 from Aa1

....Senior Unsecured Deposit Rating, Downgraded to Aa2 from Aa1

Issuer: Countrywide Capital III

....Preferred Stock, Downgraded to A2 from A1

Issuer: Countrywide Capital IV

....Preferred Stock, Downgraded to A2 from A1

Issuer: Countrywide Capital V

....Preferred Stock, Downgraded to Baa1 from A1

Issuer: Countrywide Financial Corporation

....Multiple Seniority Shelf, Downgraded to a range of (P)Baa1 to (P)A2 from (P)A1

....Subordinate Regular Bond/Debenture, Downgraded to A2 from A1

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)A2 to (P)A1 from a range of (P)A1 to (P)Aa3

Issuer: Countrywide Home Loans, Inc.

....Junior Subordinated Regular Bond/Debenture, Downgraded to A2 from A1

....Multiple Seniority Shelf, Downgraded to (P)A2 from (P)A1

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

....Junior Subordinated Shelf, Downgraded to (P)A2 from (P)A1

....Multiple Seniority Shelf, Downgraded to a range of (P)A2 to (P)A1 from a range of (P)A1 to (P)Aa3

Issuer: FIA Card Services, National Association

.... Issuer Rating, Downgraded to Aa2 from Aa1

....OSO Senior Unsecured OSO Rating, Downgraded to Aa2 from Aa1

....Multiple Seniority Bank Note Program, Downgraded to a range of Aa3 to Aa2 from a range of Aa2 to Aa1

....Multiple Seniority Deposit Program, Downgraded to Aa2 from Aa1

....Subordinate Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Deposit Rating, Downgraded to Aa2 from Aa1

Issuer: Fleet Capital Trust II

....Preferred Stock, Downgraded to A2 from A1

Issuer: Fleet Capital Trust IX

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Fleet Capital Trust V

....Preferred Stock, Downgraded to A2 from A1

Issuer: Fleet Capital Trust VII

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Fleet Capital Trust VIII

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: FleetBoston Financial Corporation

....Preferred Stock, Downgraded to Baa1 from A2

....Subordinate Conv./Exch. Bond/Debenture, Downgraded to A2 from A1

....Subordinate Regular Bond/Debenture, Downgraded to A2 from A1

Issuer: LaSalle Bank Corporation

....Preferred Stock, Downgraded to Baa1 from A2

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: LaSalle Bank Midwest N.A.

....Senior Unsecured Deposit Note/Takedown, Downgraded to Aa2 from Aa1

Issuer: LaSalle Bank N.A.

....Senior Unsecured Deposit Note/Takedown, Downgraded to Aa2 from Aa1

Issuer: LaSalle Funding LLC

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)A2 to (P)A1 from a range of (P)A1 to (P)Aa3

....Senior Unsecured Shelf, Downgraded to (P)A1 from (P)Aa3

Issuer: LaSalle National Corporation

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: MBNA Canada Bank

....Senior Unsecured Deposit Program, Downgraded to Aa2 from Aa1

Issuer: MBNA Capital A

....Preferred Stock, Downgraded to A2 from A1

Issuer: MBNA Capital B

....Preferred Stock, Downgraded to A2 from A1

Issuer: MBNA Capital C

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: MBNA Capital D

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: MBNA Capital E

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: MBNA Capital F

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: MBNA Capital G

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: MBNA Corporation

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)Baa1 to (P)A1 from a range of (P)A2 to (P)Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

Issuer: MBNA Europe Funding plc

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Aa3 to Aa2 from a range of Aa2 to Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

Issuer: Merrill Lynch & Co., Canada Ltd.

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

Issuer: Merrill Lynch & Co., Inc.

.... Issuer Rating, Downgraded to A1 from Aa3

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)Baa1 to (P)A1 from a range of (P)A2 to (P)Aa3

....Preferred Stock, Downgraded to Baa1 from A2

....Subordinate Regular Bond/Debenture, Downgraded to A2 from A1

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Shelf, Downgraded to (P)A1 from (P)Aa3

Issuer: Merrill Lynch Bank & Trust Company

.... Issuer Rating, Downgraded to Aa2 from Aa1

....Senior Unsecured Deposit Rating, Downgraded to Aa2 from Aa1

Issuer: Merrill Lynch Bank USA

.... Issuer Rating, Downgraded to Aa2 from Aa1

....Subordinate Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Deposit Note/Takedown, Downgraded to Aa2 from Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

....Senior Unsecured Deposit Rating, Downgraded to Aa2 from Aa1

Issuer: Merrill Lynch Canada Finance Company

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

Issuer: Merrill Lynch Capital Trust I

....Preferred Stock, Downgraded to A2 from A1

Issuer: Merrill Lynch Capital Trust II

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Merrill Lynch Capital Trust III

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Merrill Lynch Finance (Australia) Pty Limited

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

Issuer: Merrill Lynch International Bank

....Senior Unsecured Deposit Program, Downgraded to A1 from Aa3

Issuer: Merrill Lynch Japan Finance Co., Ltd.

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

Issuer: Merrill Lynch Preferred Capital Trust III

....Preferred Stock, Downgraded to A2 from A1

Issuer: Merrill Lynch Preferred Capital Trust IV

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Merrill Lynch Preferred Capital Trust V

....Preferred Stock, Downgraded to A2 from A1

Issuer: Merrill Lynch Preferred Capital Trust VI

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Merrill Lynch Preferred Funding I, L.P.

....Preferred Stock, Downgraded to A2 from A1

Issuer: Merrill Lynch Preferred Funding II, L.P.

....Preferred Stock, Downgraded to A2 from A1

Issuer: Merrill Lynch Preferred Funding III, L.P.

....Preferred Stock, Downgraded to A2 from A1

Issuer: Merrill Lynch Preferred Funding IV, L.P.

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Merrill Lynch Preferred Funding V, L.P.

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Merrill Lynch Preferred Funding VI, L.P.

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Merrill Lynch S.A.

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

Issuer: NB Capital Trust I

....Preferred Stock, Downgraded to A2 from A1

Issuer: NB Capital Trust II

....Preferred Stock, Downgraded to A2 from A1

Issuer: NB Capital Trust III

....Preferred Stock, Downgraded to A2 from A1

Issuer: NB Capital Trust IV

....Preferred Stock, Downgraded to A2 from A1

Issuer: NB Capital Trust V

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: Security Pacific Corporation

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

....Subordinate Medium-Term Note Program, Downgraded to A2 from A1

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

Issuer: Shawmut National Corporation

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: Summit Bancorp

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO N.A. Hldg Cap Fdg LLC IX

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO N.A. Hldg Cap Fdg LLC X

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO N.A. Hldg Cap Fdg LLC XI

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO N.A. Hldg Cap Fdg LLC XII

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO N.A. Hldg Cap Fdg LLC XIII

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO N.A. Hldg Cap Fdg LLC XIV

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO N.A. Holding Cap Fdg LLC I

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO N.A. Holding Cap Fdg LLC II

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Capital Fdg. Trust II

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Capital Funding Trust

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Hldg Cap Fdg LLC VII

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Hldg Cap Fdg LLC VIII

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Hldg Cap Fdg LLC XIX

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Hldg Cap Fdg LLC XVI

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Hldg Cap Fdg LLC XVIII

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Hldng Cap Fdg LLC III

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Holding Cap Fdg LLC IV

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Holding Cap Fdg LLC V

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Holding Cap Fdg LLC VI

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Holding Cap Fdg LLC XV

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: ABN AMRO North America Holding Company

..Downgrades:

....Preferred Stock, Downgraded to Baa1 from A2

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: B of A Issuance B.V.

..Downgrades:

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

Issuer: BA Australia Limited

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa2 from Aa1

Issuer: BAC Capital Trust I

....Preferred Stock, Downgraded to A2 from A1

Issuer: BAC Capital Trust II

....Preferred Stock, Downgraded to A2 from A1

Issuer: BAC Capital Trust III

....Preferred Stock, Downgraded to A2 from A1

Issuer: BAC Capital Trust IV

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust IX

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust V

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust VI

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust VII

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust VIII

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust X

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust XI

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust XII

....Preferred Stock, Downgraded to A2 from A1

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust XIII

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: BAC Capital Trust XIV

....Preferred Stock, Downgraded to Baa1 from A2

Issuer: BAC Capital Trust XIX

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust XV

....Preferred Stock, Downgraded to A2 from A1

Issuer: BAC Capital Trust XVI

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust XVII

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust XVIII

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Issuer: BAC Capital Trust XX

....Preferred Stock Shelf, Downgraded to (P)A2 from (P)A1

Bank of America Corporation is headquartered in Charlotte, North Carolina. The bank reported total assets of $2.5 trillion as of December 31, 2008 including the acquisition of Merrill Lynch on a pro forma basis.

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

No Related Data.
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