Press Release

DBRS Discontinues Ratings of Various BAC Trust Preferred Securities

Banking Organizations
July 30, 2012

DBRS, Inc. (DBRS) has today discontinued the ratings of the following Trust Preferred Securities: BAC Capital Trust X, BankAmerica Capital II, BankAmerica Institutional Capital A, Fleet Capital Trust II, Fleet Capital Trust VIII, Fleet Capital Trust IX, MBNA Capital A, MBNA Capital D, MBNA Capital E, NB Capital Trust IV, and Progress Capital Trust I. The Company redeemed $3.9 billion of Notes on July 25, 2012.

Bank of America Corporation’s ratings, including its Issuer & Senior Debt rating of “A” and Bank of America, N.A.’s Deposits & Senior Debt rating of A (high) all with Stable trends, are unaffected by today’s action.

Notes:
All figures are in U.S. Dollars unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organizations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments. Both can be found on the DBRS website under Methodologies.

The sources of information used for this rating include the company documents, the Federal Reserve, the Federal Deposit Insurance Corporation and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: William Schwartz
Approver: Roger Lister
Initial Rating Date: 6 April 2006
Most Recent Rating Update: 27 September, 2011

For additional information on this rating, please refer to the linking document under Related Research.

Ratings

BAC Capital Trust X
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
BankAmerica Capital II
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
BankAmerica Institutional Capital A
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Fleet Capital Trust II
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Fleet Capital Trust IX
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Fleet Capital Trust VIII
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
MBNA Capital A
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
MBNA Capital D
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
MBNA Capital E
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
NB Capital Trust IV
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Progress Capital Trust I
  • Date Issued:Jul 30, 2012
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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DBRS Discontinues Ratings of Various BAC Trust Preferred Securities

Jul 30, 2012

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