Bank of America Corp (BAC)

[GVInvestments]

Fitch Upgrades BACBI's Mortgage Covered Bonds to 'AA' Outlook Stable

NEW YORK--(BUSINESS WIRE)--September 29, 2015--

Fitch Ratings has upgraded BA Covered Bond Issuer's (BACBI) mortgage covered bonds ratings to 'AA' from 'AA-'. The Rating Outlook remains Stable.

The Stable Outlook for the covered bonds rating is primarily driven by the Stable Outlook on the U.S. sovereign and on Bank of America, N.A.'s (BAC, the program sponsor) Long-term Issuer Default Rating (IDR).

The upgrade for BACBI's covered bond rating to 'AA' from 'AA-' is driven by lower credit losses on the cover pool and a higher starting point for the covered bond rating (BAC's 'A+' IDR).