DBRS Discontinues Ratings of Various Bank of America Corporation Trust Preferred Securities

DBRS, Inc. (DBRS) has today discontinued the ratings of the following Trust Preferred Securities: BAC Capital Trust I, BAC Capital Trust II, BAC Capital Trust III, BAC Capital Trust IV, BAC Capital Trust V, BAC Capital Trust XII, BankAmerica Institutional Capital B, and NB Capital Trust II. These securities were redeemed on November 5, 2012. DBRS has also discontinued the rating of the Progress Capital Trust III securities which were redeemed on November 15, 2012. All the redemptions were part of Bank of America Corporation’s $5.133 Billion Trust Securities redemption announced on October 4, 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 and Rating Bank Preferred Shares and Equivalent Hybrids. These methodologies can be found on the DBRS website under Methodologies.

The sources of information used for this rating include 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: Alan G. Reid
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.