Moody's may boost Bank of America

Moody's Investors Service said it put on review for possible upgrade the B3 ratings on the noncumulative preferred securities issued by Bank of America Corp., including the noncumulative trust preferred securities originally issued by subsidiaries of ABN Amro North America Holding Co. and LaSalle Banking Corp.

The rating agency said it also put on review for upgrade the Ba3 rating on the cumulative preferred security issued by Banc of America Preferred Funding Corp.

No other ratings were affected by this action, Moody's added.

"Bank of America's recently completed capital raising initiative considerably reduces the near-term risk that it might be forced to suspend dividends on these preferred securities," said Moody's senior vice president, David Fanger.

"This risk was a significant factor behind the downgrade of the ratings on these securities in March."

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