S&P raises Merrill Lynch

Standard & Poor's said it raised its ratings on Merrill Lynch & Co Inc., including its long-term counterparty credit rating to A+ from A.

The A-1 short-term counterparty credit rating on the holding company is affirmed, the agency said.

At the same time, the ratings of Merrill Lynch's bank subsidiaries are raised to AA-/A-1+ from A+/A-1, S&P added.

The outlook is negative.

"The ratings action follows Bank of America Corp.'s acquisition of Merrill Lynch and equalizes its ratings on Merrill Lynch with those on Bank of America," said S&P credit analyst John K. Bartko, CPA.

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