DBRS Assigns Provisional Rating of AAA to Bank of America Corporation’s Issuance of Senior Notes

DBRS has today assigned a provisional rating of AAA to the $9 billion in four tranches of Series L Senior Notes issued by Bank of America Corporation: the $1.0 billion Three-Month LIBOR Series L Senior Notes due December 2010; the $500 million One-Month LIBOR Series L Senior Notes due December 2011; the $750 million Three-Month LIBOR Series L Senior Notes due December 2011; and the $6.75 billion 3.125% Series L Senior Notes due June 2012 (collectively, the Notes). The Notes are being issued pursuant to a Prospectus dated May 5, 2006 and Prospectus Supplement dated April 10, 2008. The provisional AAA ratings are based on the explicit guarantee provided by the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program (TLGP), which is backed by the full faith and credit of the United States. Under the TLGP, the FDIC guarantees payment of qualifying debt issued by eligible U.S. bank holding companies, such as Bank of America Corporation.

The AAA rating reflects DBRS’s opinion as to the guarantor’s ability to honor the guarantee as determined by internal assessment of the sovereign. All other debt ratings, including Bank of America Corporation’s AA (low) Issuer & Senior Debt rating, remain at their current levels. All long-term non-guaranteed ratings remain Under Review with Negative Implications, where they were placed on September 15, 2008.

Finalization of the ratings is contingent upon receipt of final documents conforming to information already received.

Note:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Banks and Bank Holding Companies Operating in the United States which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.