CHICAGO - (Business Wire) (This is an amendment to the release of Nov. 2, 2009. It corrects the long-term deposit rating of Bank of America Rhode Island N.A. to `AA-' from `A+' and corrects the withdrawn rating of Merrill Lynch Bank & Trust Co. FSB long-term deposits to `AA-' from `A+'.) Bank of America Corporation (BAC) has undertaken a reorganization of some of its bank subsidiaries. Bank of America Rhode Island N.A. (BANA-RI) has begun to hold deposits of external customers. At the same time, Merrill Lynch Bank & Trust Co. FSB (ML-FSB) has been merged into Bank of America N.A.
As a result of the decision to hold deposits at BANA-RI, Fitch has affirmed all existing ratings and the Stable Outlook, and has also assigned long-term and short-term deposit ratings to this subsidiary. Ratings of BANA-RI reflect its position as an operating entity in the BAC family. The long-term and short-term Issuer Default Ratings (IDRs) and the deposit and support floor/support ratings all reflect Fitch's view that there is an extremely high probability that this entity, along with other core BAC subsidiaries, would receive support in a crisis scenario. The Stable Rating Outlook is also derived from government support. BANA-RI's individual rating is linked to that of BAC and reflects the consolidated company's weakened earnings and asset quality profile.
Separately, Fitch has withdrawn all issue and issuer ratings of ML-FSB, since this company no longer exists as a separate entity.
Fitch has assigned the following ratings:
Bank of America Rhode Island, N.A.
--Long-term deposits `AA-';
--Short-term deposits `F1+'.
Fitch has affirmed the following ratings with a Stable Outlook:
Bank of America Rhode Island, N.A.
--Long-term IDR at `A+';
--Short-term IDR at `F1+';
--Individual at `D';
--Support at `1';
--Support Floor at `A+'.
Fitch has withdrawn the following ratings:
Merrill Lynch Bank & Trust Co. FSB
--Long-term IDR `A+';
--Short-term IDR `F1+';
--Long-term deposits `AA-';
--Short-term deposits `F1+';
--Individual `D';
--Support `1';
--Support Floor `A+'.
Additional information is available at www.fitchratings.com.
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Fitch Ratings
David Spring, +1-312-368-3194 (Chicago)
Sharon Haas, +1-212-908-0368 (New York)
Brian Bertsch, +1-212-908-0549 (Media Relations, New York)
brian.bertsch@fitchratings.com
