Fitch rates Bank of America preferreds AA-

Fitch Ratings said it assigned an AA- rating to series I preferred stock issued by Bank of America Corp.

The outlook is stable.

Proceeds will be used for general corporate purposes.

The preferred stock has an aggregate liquidation amount of $550 million and will pay dividends quarterly at an annual rate of 6 5/8%. The preferred stock is noncumulative, perpetual and is non-callable until Oct. 1, 2017.

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