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Related Issuers
B of A Issuance B.V.
BAC AAH Capital Funding LLC I
BAC AAH Capital Funding LLC II
BAC AAH Capital Funding LLC III
BAC AAH Capital Funding LLC IV
BAC AAH Capital Funding LLC IX
BAC AAH Capital Funding LLC V
BAC AAH Capital Funding LLC VI
BAC AAH Capital Funding LLC VII
BAC AAH Capital Funding LLC VIII
BAC AAH Capital Funding LLC X
BAC AAH Capital Funding LLC XI
BAC AAH Capital Funding LLC XII
BAC AAH Capital Funding LLC XIII
BAC AAH Capital Funding LLC XIV
BAC AAH Capital Funding LLC XIX
BAC AAH Capital Funding LLC XV
BAC AAH Capital Funding LLC XVI
BAC AAH Capital Funding LLC XVIII
BAC Capital Trust I
BAC Capital Trust II
BAC Capital Trust III
BAC Capital Trust IV
BAC Capital Trust IX
BAC Capital Trust V
BAC Capital Trust VI
BAC Capital Trust VII
BAC Capital Trust VIII
BAC Capital Trust X
BAC Capital Trust XI
BAC Capital Trust XII
BAC Capital Trust XIII
BAC Capital Trust XIV
BAC Capital Trust XIX
BAC Capital Trust XV
BAC Capital Trust XVI
BAC Capital Trust XVII
BAC Capital Trust XVIII
BAC Capital Trust XX
BAC LB Capital Funding LLC I
BAC LB Capital Funding LLC II
BAC North America Holding Company
BANA Holding Corporation
Banc of America Dutch Auction Preferred Corp.
Banc of America Preferred Funding Corp.
Bank of America Corporation
Bank of America, N.A.
BankAmerica Capital I
BankAmerica Capital II
BankAmerica Capital III
BankAmerica Corporation (Old)
BankAmerica Institutional Capital A
BankAmerica Institutional Capital B
BankBoston Capital Trust I
BankBoston Capital Trust II
BankBoston Capital Trust III
BankBoston Capital Trust IV
BankBoston Corporation
Barnett Banks, Incorporated (Old)
Barnett Capital Trust III
Boatmen's Bancshares Inc.
FIA Card Services, National Association
Fleet Capital Trust II
Fleet Capital Trust IX
Fleet Capital Trust V
Fleet Capital Trust VII
Fleet Capital Trust VIII
Fleet National Bank
Fleet National Bank (Old)
FleetBoston Financial Corporation
LaSalle Bank Midwest N.A.
LaSalle Bank N.A.
LaSalle Funding LLC
LaSalle National Corporation
MBNA Capital A
MBNA Capital B
MBNA Capital C
MBNA Capital D
MBNA Capital E
MBNA Capital F
MBNA Capital G
MBNA Corporation
NB Capital Trust I
NB Capital Trust II
NB Capital Trust III
NB Capital Trust IV
NB Capital Trust V
Security Pacific Corporation
Shawmut National Corporation
Summit Bancorp
United States Trust Company, N. A.
US Trust Capital A
Rating Action:

Moody's lowers BofA Corp's ratings; affirms bank's Aaa

21 Apr 2008
Moody's lowers BofA Corp's ratings; affirms bank's Aaa

New York, April 21, 2008 -- Moody's Investors Service downgraded the long term senior debt (to Aa2 from Aa1) of Bank of America Corporation (BAC) and placed a negative rating outlook on the company. At the same time, Moody's lowered the bank financial strength rating (BFSR) of Bank of America, N.A. to A- from A, also with a negative outlook, but affirmed the bank's Aaa rating for deposits. The rating actions conclude a review that was initiated in January 2008, upon the announcement of BAC's planned acquisition of Countrywide Financial Corporation (Countrywide).

Today's downgrades address BAC's relatively weak capital position, despite a substantial capital raise earlier this year. Given a challenging operating environment, a weakened outlook for earnings, and a heavy dividend burden, BAC's equity ratios are unlikely to expand meaningfully in the near term, said Moody's.

"The negative outlook reflects a number of risks affecting BAC: the likely completion of, and the integration challenges associated with, the Countrywide acquisition; substantial mortgage and home equity exposures in a still weakening market; and CDO exposures that are prone to further marks," said Rosemarie Conforte, Senior Vice President at Moody's. "A stellar franchise and excellent holding company liquidity support the still very high ratings," Ms. Conforte added.

According to the rating agency, the bank's deposit rating incorporates systemic support, and therefore this Aaa rating carries a stable outlook.

Prior to last year's sizable cash acquisition of LaSalle, BAC had a Tier I ratio of over 8%. Since then, the Tier I ratio has fallen significantly, though BAC has maintained its ratio in excess of the "well-capitalized" minimum. Moody's noted that the company did raise nearly $13 billion in capital in January 2008. However, the ongoing credit market crisis combined with management's commitment to maintain a high shareholder dividend has slowed capital generation. At first quarter-end 2008, the ratio was 7.5%.

Moody's added that a rating downgrade could occur if earnings performance remains lackluster and the company takes no action to further bolster its capital base. Moreover, said Moody's, the pending Countrywide transaction brings additional assets onto the balance sheet, with a relatively modest level of common equity issuance. BAC has targeted a Tier 1 ratio of 8%, but management has announced no tangible plan for achieving that goal.

On the other hand, the re-instatement of a stable rating outlook depends on the appropriate rebuilding of capital as a cushion for market uncertainties.

The rating agency highlighted that creditor protection is heightened by BAC's unmatched U.S. direct banking franchise and its leading position in credit cards.

The following is a list of ratings which were downgraded:

Downgrades:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

..Issuer: ABN AMRO North America Capital Fdg. Trust II

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

..Issuer: ABN AMRO North America Capital Funding Trust

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC VII

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC VIII

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC XIX

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC XVI

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC XVIII

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

..Issuer: ABN AMRO North America Hldng Cap Fdg LLC III

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

..Issuer: ABN AMRO North America Holding Cap Fdg LLC IV

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

..Issuer: ABN AMRO North America Holding Cap Fdg LLC V

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

..Issuer: ABN AMRO North America Holding Cap Fdg LLC VI

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

..Issuer: ABN AMRO North America Holding Cap Fdg LLC XV

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

..Issuer: ABN AMRO North America Holding Company

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

..Issuer: B of A Issuance B.V.

....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: BAC Capital Trust I

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: BAC Capital Trust II

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: BAC Capital Trust III

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: BAC Capital Trust IV

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust IX

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust V

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

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust VI

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust VII

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust VIII

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust X

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust XI

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust XII

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

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust XIII

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

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust XIV

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

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust XIX

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BAC Capital Trust XV

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: BAC Capital Trust XVI

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: BAC Capital Trust XVII

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: BAC Capital Trust XVIII

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: BAC Capital Trust XX

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Bank of America Corporation

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

....Junior Subordinated Shelf, Downgraded to a range of (P)A1 to (P)Aa3 from (P)Aa2

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

....Multiple Seniority Shelf, Downgraded to a range of (P)A2 to (P)Aa3 from a range of (P)Aa3 to (P)Aa1

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

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

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

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

....Senior Unsecured Regular Bond/Debenture, Downgraded to a range of (P)Aa2 to Aa2 from a range of (P)Aa1 to Aa1

..Issuer: Bank of America, National Association

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

..Issuer: BankAmerica Capital I

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: BankAmerica Capital II

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: BankAmerica Capital III

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: BankAmerica Corporation (Old)

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

..Issuer: BankAmerica Institutional Capital A

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: BankAmerica Institutional Capital B

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Fleet Capital Trust II

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Fleet Capital Trust IX

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Fleet Capital Trust V

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Fleet Capital Trust VII

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Fleet Capital Trust VIII

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: FleetBoston Financial Corporation

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

....Subordinate Conv./Exch. Bond/Debenture, Downgraded to Aa3 from Aa2

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

..Issuer: LaSalle Bank Corporation

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

..Issuer: LaSalle Bank Midwest N.A.

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

..Issuer: LaSalle Bank N.A.

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

..Issuer: LaSalle Funding LLC

....Multiple Seniority Shelf, Downgraded to a range of (P)Aa3 to (P)Aa2 from a range of (P)Aa2 to (P)Aa1

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

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

....Senior Unsecured Shelf, Downgraded to (P)Aa2 from (P)Aa1

..Issuer: LaSalle National Corporation

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

..Issuer: MBNA Capital A

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: MBNA Capital B

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: MBNA Capital C

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: MBNA Capital D

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: MBNA Capital E

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: MBNA Capital F

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: MBNA Capital G

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: MBNA Corporation

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

....Multiple Seniority Shelf, Downgraded to a range of (P)A1 to (P)Aa2 from a range of (P)Aa3 to (P)Aa1

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

..Issuer: NB Capital Trust I

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: NB Capital Trust II

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: NB Capital Trust III

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: NB Capital Trust IV

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

..Issuer: NB Capital Trust V

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: US Trust Capital A

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

The following ratings were confirmed:

..Issuer: FIA Card Services, National Association

....Bank Financial Strenghth Rating at A-

..Issuer: United States Trust Company, N. A.

....Bank Financial Strenghth Rating at A-

..Issuer: Banc of America Dutch Auction Preferred Corp.

....Preferred Stock Preferred Stock at Aa2

..Issuer: Banc of America Preferred Funding Corp.

....Preferred Stock Preferred Stock at Aa2

Outlook Actions:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

..Issuer: ABN AMRO North America Capital Fdg. Trust II

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

..Issuer: ABN AMRO North America Capital Funding Trust

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC VII

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC VIII

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC XIX

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC XVI

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

..Issuer: ABN AMRO North America Hldg Cap Fdg LLC XVIII

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

..Issuer: ABN AMRO North America Hldng Cap Fdg LLC III

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

..Issuer: ABN AMRO North America Holding Cap Fdg LLC IV

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

..Issuer: ABN AMRO North America Holding Cap Fdg LLC V

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

..Issuer: ABN AMRO North America Holding Cap Fdg LLC VI

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

..Issuer: ABN AMRO North America Holding Cap Fdg LLC XV

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

..Issuer: ABN AMRO North America Holding Company

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

..Issuer: B of A Issuance B.V.

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

..Issuer: BAC Capital Trust I

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

..Issuer: BAC Capital Trust II

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

..Issuer: BAC Capital Trust III

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

..Issuer: BAC Capital Trust IV

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

..Issuer: BAC Capital Trust IX

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

..Issuer: BAC Capital Trust V

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

..Issuer: BAC Capital Trust VI

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

..Issuer: BAC Capital Trust VII

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

..Issuer: BAC Capital Trust VIII

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

..Issuer: BAC Capital Trust X

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

..Issuer: BAC Capital Trust XI

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

..Issuer: BAC Capital Trust XII

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

..Issuer: BAC Capital Trust XIII

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

..Issuer: BAC Capital Trust XIV

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

..Issuer: BAC Capital Trust XIX

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

..Issuer: BAC Capital Trust XV

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

..Issuer: BAC Capital Trust XVI

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

..Issuer: BAC Capital Trust XVII

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

..Issuer: BAC Capital Trust XVIII

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

..Issuer: Banc of America Dutch Auction Preferred Corp.

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

..Issuer: Banc of America Preferred Funding Corp.

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

..Issuer: Bank of America Corporation

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

..Issuer: Bank of America, National Association

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

..Issuer: BankAmerica Capital I

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

..Issuer: BankAmerica Capital II

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

..Issuer: BankAmerica Capital III

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

..Issuer: BankAmerica Corporation (Old)

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

..Issuer: BankAmerica Institutional Capital A

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

..Issuer: BankAmerica Institutional Capital B

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

..Issuer: FIA Card Services, National Association

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

..Issuer: Fleet Capital Trust II

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

..Issuer: Fleet Capital Trust IX

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

..Issuer: Fleet Capital Trust V

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

..Issuer: Fleet Capital Trust VII

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

..Issuer: Fleet Capital Trust VIII

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

..Issuer: Fleet National Bank

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

..Issuer: Fleet National Bank (Old)

....Outlook, Changed To Stable From Negative

..Issuer: FleetBoston Financial Corporation

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

..Issuer: LaSalle Bank Corporation

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

..Issuer: LaSalle Bank Midwest N.A.

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

..Issuer: LaSalle Bank N.A.

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

..Issuer: LaSalle Funding LLC

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

..Issuer: LaSalle National Corporation

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

..Issuer: MBNA Capital A

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

..Issuer: MBNA Capital B

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

..Issuer: MBNA Capital C

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

..Issuer: MBNA Capital D

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

..Issuer: MBNA Capital E

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

..Issuer: MBNA Capital F

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

..Issuer: MBNA Capital G

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

..Issuer: MBNA Corporation

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

..Issuer: NB Capital Trust I

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

..Issuer: NB Capital Trust II

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

..Issuer: NB Capital Trust III

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

..Issuer: NB Capital Trust IV

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

..Issuer: NB Capital Trust V

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

..Issuer: US Trust Capital A

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

..Issuer: United States Trust Company, N. A.

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

Bank of America Corporation, headquartered in Charlotte, NC, reported assets of $1.7 trillion on March 31, 2008.

New York
Rosemarie Conforte
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

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CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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