Fitch cuts Bank of America, ups Countrywide

Fitch Ratings said it downgraded the issuer default rating of Bank of America NA to AA- and Bank of America Corp. to A+.

The agency affirmed the short-term issuer default rating at F1+. Ratings were removed from Rating Watch negative.

Fitch upgraded the issuer default rating of Countrywide Bank FSB and other affiliates recently acquired by Bank of America Corp. to A+. Ratings were removed from Rating Watch evolving.

The outlook is stable.

Fitch said the actions reflect continuing headwinds from mark-to-market valuations on various asset classes in capital market units as well as headwinds facing its consumer and potentially its commercial credit portfolio.

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