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S&P lowers Bank of America
Standard & Poor's said it lowered its long-term counterparty credit rating on Bank of America Corp. to AA- from AA.
The agency said that the long-term ratings of its subsidiaries were also lowered one notch, adding that the long-term ratings on Bank of America's holding company and its bank subsidiaries were placed on CreditWatch with negative implications.
At the same time, S&P said it placed its ratings on Merrill Lynch & Co. Inc., including the holding company A long-term and A-1 short-term counterparty credit ratings, as well as the ratings of all related entities on CreditWatch with developing implications, meaning ratings could be raised, lowered or affirmed.
According to the agency, these actions follow Bank of America's agreement to acquire Merrill Lynch in an all-stock transaction valued at about $50 billion.
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