Fitch Assigns Deposit Rtgs to Bank of America Rhode Island; W/Ds Merrill Lynch Bank & Trust Rtgs

CHICAGO--(BUSINESS WIRE)--Bank of America Corporation (BAC) has undertaken a reorganization of some of its bank subsidiaries. Bank of America Rhode Island N.A. (BANA-RI) has begun to hold deposits of external customers. At the same time, Merrill Lynch Bank & Trust Co. FSB (ML-FSB) has been merged into Bank of America N.A.

As a result of the decision to hold deposits at BANA-RI, Fitch has affirmed all existing ratings and the Stable Outlook, and has also assigned long-term and short-term deposit ratings to this subsidiary. Ratings of BANA-RI reflect its position as an operating entity in the BAC family. The long-term and short-term Issuer Default Ratings (IDRs) and the deposit and support floor/support ratings all reflect Fitch's view that there is an extremely high probability that this entity, along with other core BAC subsidiaries, would receive support in a crisis scenario. The Stable Rating Outlook is also derived from government support. BANA-RI's individual rating is linked to that of BAC and reflects the consolidated company's weakened earnings and asset quality profile.

Separately, Fitch has withdrawn all issue and issuer ratings of ML-FSB, since this company no longer exists as a separate entity.

Fitch has assigned the following ratings:

Bank of America Rhode Island, N.A.
-- Long-term deposits `A+';
-- Short-term deposits `F1+'.

Fitch has affirmed the following ratings with a Stable Outlook:

Bank of America Rhode Island, N.A.
-- Long-term IDR at `A+';
-- Short-term IDR at `F1+';
-- Individual at `D';
-- Support at `1';
-- Support Floor at `A+'.

Fitch has withdrawn the following ratings:

Merrill Lynch Bank & Trust Co. FSB
-- Long-term IDR `A+';
-- Short-term IDR `F1+';
-- Long-term deposits `A+';
-- Short-term deposits `F1+';
-- Individual `D';
-- Support `1';
-- Support Floor `A+'.

Additional information is available at 'www.fitchratings.com'.

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