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Tuesday, November 24, 2009
Fitch Raises B. Of A. Preferred Stock Rating
By Alistair Barr
MarketWatch Pulse
SAN FRANCISCO -- Fitch Ratings said Tuesday that it raised its rating on Bank of America's preferred stock to BB- from B. "Bank of America's overall risk profile has begun to improve, with the potential for requiring additional government support or needing to omit dividends on preferred stock beginning to recede," the rating agency said in a statement. Fitch put all preferred and trust preferred ratings of Bank of America and its affiliates on Rating Watch Positive. However, the agency said that many challenges remain for the bank. Fitch has D individual ratings for Bank of America and its operating subsidiaries, although it put those on Rating Watch Positive on Tuesday. The bank has A+ long-term Issuer Default Ratings, or IDRs, because the U.S. government would likely bail it out again if needed, Fitch noted.
Copyright © 2009 MarketWatch, Inc.
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