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Moody's lifts BofA preferreds to Ba3
Moody's Investors Service said it upgraded Bank of America Corp.'s non-cumulative preferred stock rating to Ba3 from B3 and affirmed the Ba3 ratings on its hybrid income trust securities and the Baa3 ratings on its cumulative junior subordinated trust preferred securities.
The non-cumulative preferred stock had previously been rated with an assumption of a very high likelihood of preferred dividend suspension but the bank's strengthened capital position noticeably reduces that risk, the agency noted.
Bank of America's cumulative junior subordinated trust preferred securities were affirmed at Baa3.
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