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Rating Action - Servicer:

Moody's reviews for downgrade Bank of America ratings (snr A1)

04 Mar 2009
Moody's reviews for downgrade Bank of America ratings (snr A1)

New York, March 04, 2009 -- Moody's Investors Service placed the long-term ratings of Bank of America Corporation (senior debt at A1) under review for possible downgrade. Moody's also placed the long-term ratings of Bank of America's subsidiaries including its lead bank, Bank of America, N.A. (bank financial strength of B- and long-term bank deposits at Aa2) under review for possible downgrade. The Prime-1 rating on all of Bank of America's entities was affirmed. Moody's Bank Financial Strength Ratings (BFSR) represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements.

These actions had no impact on the FDIC-guaranteed debt issued by Bank of America, which remains at Aaa with a stable outlook.

Moody's review of Bank of America's BFSR and long-term debt ratings will focus on two issues. The first is the impact that future credit costs could have on Bank of America's capital ratios. The second is the rating implications of possible systemic support, and how that support could affect various obligations ranging from deposits to non-cumulative preferred stock. The rating agency expects to conclude its review by the end of this month.

The review was prompted by a concern that Bank of America's capital ratios could deteriorate in 2009 from their current levels, which are comparatively low, because of the potential need to take high loan loss provisions and absorb additional charges in its capital markets exposures.

Bank of America's current regulatory capital position is quite strong, the rating agency noted. However, Bank of America's Tier 1 capital is heavily dependent upon preferred stock and hybrid capital instruments. The company's adjusted tangible common equity position is considerably weaker. Bank of America reported a pro forma Tier 1 capital ratio of 10.7% as of year-end 2008. However, Moody's estimates that pro forma adjusted tangible common equity, after giving some credit to hybrid capital securities, was approximately 4.7% of risk-weighted assets as of the same date.

"Asset quality problems are likely to require further loan loss provisions at Bank of America over the next few years," said David Fanger, Moody's Senior Vice President. In addition, although Bank of America benefits from a loss-sharing arrangement with the U.S. government on a pool of $118 billion in capital markets-related assets, it remains exposed to a $10 billion first loss position on those assets, as well as additional structured finance exposures held outside of this arrangement in the bank's available-for-sale securities portfolio. "Earnings are therefore likely to be weak and, in light of Bank of America's sizable preferred dividend, could place significant additional pressure upon the company's already modest tangible common equity position," Mr. Fanger added.

Moody's said that even if Bank of America's capital ratios were to fall significantly from current levels, it expected that the bank would almost certainly be a recipient of systemic support, given its importance to the U.S. economy and financial system. Such support would likely benefit all depositors and senior and senior subordinated debt holders of the bank and the bank holding company. Systemic support could be less beneficial or potentially harmful to junior subordinated or preferred stock investors, in Moody's view.

"In light of this," said Mr. Fanger, "we expect that any downgrade of Bank of America's ratings for deposits, senior debt, and senior subordinated debt would be limited to one notch." However, Moody's bank financial strength ratings are intended to measure the likelihood that a bank may require external support. "Given the pressures on Bank of America's capital position and its more limited financial flexibility during the current financial crisis, a multi-notch downgrade is likely for the bank financial strength rating," added Mr. Fanger. "We expect the BFSR could end up in the D range at the conclusion of our review."

For the preferred stock ratings, the vulnerability is centered on the risk that if support is given, it may be accompanied by the suspension of dividends, or even a distressed exchange. "While the preferred dividends do not have any triggers that would cause an automatic suspension, we believe that in the event government support is provided, the U.S. government could require Bank of America to suspend its common and preferred dividends in order to preserve capital," Mr. Fanger said. A distressed exchange might also appeal to Bank of America and the U.S. government as a way to increase common equity and limit the size of the U.S. government's stake in the bank in the event that support was required. Moody's expects that Bank of America's noncumulative preferred stock is likely to be rated non-investment grade at the conclusion of its ratings review.

Regarding trust preferred securities backed by junior subordinated debt, the rating agency said that the cumulative nature of the distributions on such instruments makes deferral less likely even in the event that additional government support is required. In contrast with noncumulative preferred stock, deferred payments on cumulative instruments eventually need to be repaid. The degree of capital preservation is therefore more limited, providing less incentive for authorities to impose a deferral. Nonetheless, the rating agency believes this risk cannot be completely ignored, and therefore the downward pressure on these ratings is greater than on more senior obligations, but possibly less than on the BFSR and preferred stock ratings. Moody's believes that the ratings on Bank of America's trust preferred securities could potentially retain an investment grade rating at the conclusion of the ratings review.

Today's rating actions are consistent with Moody's recent announcement that it is recalibrating some of the weights and relative importance attached to certain rating factors within its current bank rating methodologies. Capital adequacy, in particular, takes on increasing importance in determining the BFSR in the current environment. Meanwhile, debt and deposit ratings will reflect the fact that Moody's expects that its support assumptions will continue to increase for systemically important institutions during this global financial crisis. (Please see Moody's special comment "Calibrating Bank Ratings in the Context of the Global Financial Crisis")

In this regard, notwithstanding the increased emphasis on capital adequacy, Moody's noted that 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. The addition of Merrill Lynch's wealth and asset management businesses further diversify Bank of America's business mix. Moody's expects that the long-term franchise value of Bank of America is likely to be sustained even in the event that external support is required as a result of deterioration in the bank's capital position.

Moody's last rating action on Bank of America was on January 16, 2009 when the senior unsecured rating of Bank of America Corporation was lowered to A1 from Aa3, and Bank of America, N.A.'s bank financial strength and long-term deposit ratings were lowered to B- from B, and Aa2 from Aa1, respectively.

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:

On Review for Possible Downgrade:

..Issuer: Bank of America Corporation

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)A2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)Baa1 to (P)A1

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: Bank of America, N.A.

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

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa2

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of Aa3 to Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of Aa3 to Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Note, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

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

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: BA Australia Limited

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: BAC AAH Capital Funding LLC I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC IX

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC VII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC VIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC X

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC XI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC XII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC XIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC XIV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC XIX

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC XV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC XVI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC AAH Capital Funding LLC XVIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BAC Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BAC Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BAC Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust IX

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust VII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust VIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust X

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust XI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust XII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust XIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC Capital Trust XIV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC Capital Trust XIX

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust XV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BAC Capital Trust XVI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust XVII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust XVIII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC Capital Trust XX

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BAC LB Capital Funding LLC I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC LB Capital Funding LLC II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BAC North America Holding Company

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: BANA Holding Corporation

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Banc of America Preferred Funding Corp.

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: BankAmerica Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BankAmerica Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BankAmerica Capital III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BankAmerica Corporation (Old)

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

..Issuer: BankAmerica Institutional Capital A

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BankAmerica Institutional Capital B

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BankBoston Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BankBoston Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BankBoston Corporation

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Barnett Banks, Incorporated (Old)

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Barnett Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Boatmen's Bancshares Inc.

....Subordinate Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..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 Aa2

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Countrywide Capital III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Countrywide Capital IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Countrywide Capital V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Countrywide Financial Corporation

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)Baa1 to (P)A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: Countrywide Home Loans, Inc.

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)A2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: FIA Card Services, National Association

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa2

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of Aa3 to Aa2

....Multiple Seniority Deposit Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Fleet Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Fleet Capital Trust IX

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Fleet Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Fleet Capital Trust VII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Fleet Capital Trust VIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: FleetBoston Financial Corporation

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

....Subordinate Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: LaSalle Bank Midwest N.A.

....Senior Unsecured Deposit Note, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: LaSalle Bank N.A.

....Senior Unsecured Deposit Note, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: LaSalle Funding LLC

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)A2 to (P)A1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: LaSalle National Corporation

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: MBNA Canada Bank

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: MBNA Capital A

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: MBNA Capital B

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: MBNA Capital C

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: MBNA Capital D

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: MBNA Capital E

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: MBNA Capital F

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: MBNA Capital G

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: MBNA Corporation

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)Baa1 to (P)A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: MBNA Europe Funding plc

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of Aa3 to Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Merrill Lynch & Co., Canada Ltd.

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

..Issuer: Merrill Lynch & Co., Inc.

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)Baa1 to (P)A1

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Merrill Lynch Bank & Trust Company

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

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Merrill Lynch Bank USA

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

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Note, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Merrill Lynch Canada Finance Company

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: Merrill Lynch Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Merrill Lynch Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Merrill Lynch Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Merrill Lynch Finance (Australia) Pty Limited

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: Merrill Lynch International Bank

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently A1

..Issuer: Merrill Lynch Japan Finance Co., Ltd.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

..Issuer: Merrill Lynch Preferred Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Merrill Lynch Preferred Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Merrill Lynch Preferred Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Merrill Lynch Preferred Capital Trust VI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

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

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

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

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

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

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

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

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

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

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

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

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Merrill Lynch S.A.

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: NB Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: NB Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: NB Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: NB Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: NB Capital Trust V

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Security Pacific Corporation

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

..Issuer: Shawmut National Corporation

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Summit Bancorp

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

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
David Fanger
Managing Director
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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