S&P raises U.S. Trust Co.

Standard & Poor's said it raised its long-term counterparty credit rating on U.S. Trust Co. NA to AA+ from AA.

At the same time, the agency said it assigned a short-term counterparty credit rating of A-1+.

The outlook is stable.

The agency said that this action reflects the consideration of U.S. Trust Co. as a core component of Bank of America Corp.'s broader business strategy.

Bank of America has been moving forward with the integration of U.S. Trust Co., including support functions such as Treasury and client-facing functions such as private bankers and advisors, S&P added.

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