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Moody's may cut Bank of America
Moody's Investors Service said it placed on review for possible downgrade the long-term debt ratings of Bank of America Corp. (senior debt at Aa2) and the bank financial strength rating of its principal bank subsidiary, Bank of America NA (BFSR at A-).
At the same time, the agency said that the deposit and debt ratings of Bank of America NA and its bank affiliates (deposits and senior debt at Aaa) were affirmed with a stable outlook while the Prime-1 short-term ratings of Bank of America and its subsidiaries were also affirmed.
The rating action follows the announcement that Bank of America Corp. has agreed to acquire Merrill Lynch & Co., Inc. in an all-stock transaction valued at about $50 billion.
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