S&P drops Bank of America outlook to negative

Standard & Poor's said it revised its outlook on Bank of America Corp. and units to negative from stable.

At the same time, the agency said that it affirmed its AA/A-1+ credit rating on Bank of America Corp. and its ratings on Bank of America's units, noting that it revised the outlook within the context of a broader sector review.

The agency said that the rating action reflects its concern regarding the weak U.S. economy and its impact on consumer lending.

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