Fitch Lowers BofA (BAC) IDRs from A+/F1+ to A/F1

Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) of Bank of America Corporation (NYSE: BAC) to 'A/F1' from 'A+/F1+' and the viability rating (VR) to 'bbb+' from 'a-', and removed these ratings from Rating Watch Negative. This action is in tandem with Fitch's broad assessment of the largest global banking institutions which resulted in a number of negative rating actions. The Rating Outlook is Stable. A complete list of affected ratings follows this release.

The downgrade of the IDR reflects a lowering of the Support Floor for BAC to 'A' from 'A+' as broadly discussed in Fitch's special report titled 'U.S. Banks - Sovereign Support: When Does it End' dated Dec. 15, 2011. While Fitch believes that broad policy momentum remains to reduce taxpayer funds to support banks in times of crisis, this is progressing at an uneven pace globally. Consequently, Fitch continues to embody a view of support in the IDRs of BAC and other U.S. Global Systemically Important Financial Institutions (G-SIFIs) over the near term.

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