Fitch pulls Bank of America rating from observation

Fitch Ratings said it resolved various subordinated debt ratings of entities related to Bank of America Corp. that have been under criteria observation since March 4. These actions are the result of the implementation of updated criteria and do not reflect a change to the issuer’s underlying credit profile, Fitch said.

On April 22, Fitch downgraded the subordinated debt issued out of Bank of America’s holding company to align with updated bank rating criteria. At that time, subordinated debt issued out of Bank of America NA and other related entities of BAC remained under observation, so Fitch could continue to analyze if conditions exist under the new criteria for keeping operating bank subordinated debt notching at one notch, the agency said.

Fitch affirmed the subordinated debt for the bank at A and removed the ratings from UCO. Subordinated debt that is an obligation of the holding company that was not downgraded on April 22, to A-, per Fitch’s updated bank rating criteria has been aligned with that class rating accordingly.

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