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
