CHICAGO - (Business Wire) 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Separately, Fitch has withdrawn all issue and issuer ratings of ML-FSB, since this company no longer exists as a separate entity.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 `A+';
-- 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Fitch has withdrawn the following ratings: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 `A+';
-- Short-term deposits `F1+';
-- Individual `D';
-- Support `1';
-- Support Floor `A+'.
Additional information is available at 'www.fitchratings.com'.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Fitch Ratings
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com
David Spring, +1-312-368-3194 (Chicago)
Sharon Haas, +1-212-908-0368 (New York)
