Fitch Rates B of A Issuance B.V. `AA-'.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) of 'AA-' to B of A Issuance B.V., a newly established and unconsolidated special purpose subsidiary of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Corporation (BAC BAC abbr. blood alcohol concentration ). The Rating Outlook is Positive. In addition, Fitch has assigned a support rating of `1' to this entity. Prospective ratings of debt to be issued by this entity are listed at the end of this release. B of A Issuance will issue up to $6 billion of structured notes to qualified non-U.S. institutional investors. Obligations may either be senior or subordinated. Bank of America Corporation will irrevocably and unconditionally guarantee principal and interest repayment of all debt issuance under the term of each security's governing documents. B of A Issuance's activities are restricted to securities issuance, investment of issuance proceeds in obligations of BAC and/or its affiliates, and hedging transactions conducted with BAC and/or its affiliates. Fitch's debt ratings for B of A Issuance are aligned with those of its sponsor, and are based on BAC's guarantee as well as the requirement that B of A Issuance only invest in instruments of BAC and its affiliates. Fitch has assigned the following ratings with a Positive Outlook: B of A Issuance B.V. --Long-term IDR 'AA-'; --Long-term senior debt `AA-'; --Long-term subordinated debt `A+'; --Support `1'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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