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DBRS downgrades Bank of America
DBRS said it downgraded Bank of America Corp.'s issuer and senior debt rating to A (low) and its subordinated debt and trust preferred securities to BBB (high) as well as Bank of America, NA's senior debt to A, subordinated debt to A (low) and trust preferred securities to BBB (high).
Separately, Bank of America's preferred stock was upgraded to BBB (low) to reflect the agency's updated criteria for bank capital securities.
The trends have been revised to stable.
The agency said the downgrades primarily reflect its Sept. 4 removal of the U.S. rating floor resulting in the equalization of the issuer's intrinsic and final ratings. DBRS no longer ascribes any non-systemic external support to the company or its subsidiaries, precipitating the downgrades.
DBRS said that many of Bank of America's credit fundamentals continue to improve, but they were only able to partially offset the removal of government support from its ratings.
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