S&P rates Merrill Lynch counterparty ratings at A+/A-1

Standard & Poor's said it assigned its A+/A-1 long- and short-term counterparty credit ratings to Merrill Lynch, Pierce, Fenner & Smith, Inc. and Merrill Lynch International, the subsidiaries of Bank of America Corp. (A/negative/A-1).

The outlook is negative.

S&P said that the ratings on the companies reflect their position as core broker-dealer subsidiaries of BofA, adding that it rates these subsidiaries at the notional group operating level, and the holding company one notch lower due to structural subordination.

The ratings reflect the material earnings, assets, and capital of these subsidiaries and the importance of the products and services offered to BofA's global client base and long-term operating strategy.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.