Fitch rates Bank of America preferreds AA-

Fitch Ratings said it assigned an AA- rating to noncumulative perpetual preferred stock issued by Bank of America Corp. The issue is on Rating Watch negative.

The issue consists of $4 billion in depositary shares representing an interest in series M preferred stock. The securities offer a fixed coupon of 8 1/8% through May 2018, when the rate will convert to a floating rate based on Libor.

Proceeds will be used for general corporate purposes.

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