Fitch Ratings has assigned 'AAA/F1+' ratings to debt issued by Bank of America Corporation (BAC) under the FDIC Temporary Liquidity Guarantee Program (TLGP). Specifically, BAC has issued $9 billion of senior unsecured debt under the TLGP. Debt issues mature between December 2010 and June 30, 2012, and consist of both fixed-rate and floating-rate tranches. Obligations under the TLGP bear the full faith and credit of the U.S. Government. The maximum amount eligible under the TLGP is 125% of senior unsecured debt outstanding at Sept. 30, 2008 and scheduled to mature by June 30, 2009. The FDIC guarantees expire at the earlier of the instrument's maturity or June 30, 2012. Proceeds will be used for general corporate purposes.
Fitch will assign the following ratings to Bank of America Corporation debt issued under the FDIC TLGP:
--Long-term FDIC guaranteed debt 'AAA';
--Short-term FDIC guaranteed debt 'F1+'.
Outstanding debt issued by Bank of America Corporation or its subsidiaries, or debt issued outside the TLGP, will continue to bear the relevant ratings currently assigned to those entities by Fitch.
Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.