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Fitch reviews Bank of America
Fitch Ratings said it placed most of the ratings of Bank of America Corp. and its subsidiaries on Rating Watch negative, including their A+ long-term issuer default ratings, A+ long-term senior debt ratings, A long-term subordinated debt ratings, F1+ short-term issuer default and debt ratings, 1 support ratings and A+ support floors.
The BBB preferred stock, BBB- trust preferred stock, AAA long-term FDIC-guaranteed debt and F1+ short-term FDIC-guaranteed debt are unchanged.
The Rating Watch negative follows the agency's initial interpretation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its implications for systemically important financial institutions. Bank of America's A+ issuer default rating incorporates a three-notch uplift. Fitch said that if it determines on a go forward basis that support from the sovereign state can no longer be relied upon, the ratings might be lowered.
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