Credit Ratings

Credit Ratings

Credit Ratings for Bank of America and Selected Legal Entities
as of January 14, 2020

Credit ratings and outlooks are opinions subject to ongoing review by the rating agencies and may change from time to time based on Bank of America's financial performance, industry dynamics, and other factors.

Bank of America Corporation

Rating	Moody's	Standard & Poor's	Fitch
Outlook	Stable	Stable	Stable
Long-term senior	A2	A-	A+
Short-term	P-1	A-2	F1
Subordinated	Baa1	BBB+	A
Trust preferred	Baa2	BBB-	BBB
Preferred stock	Baa3	BBB-	BBB-

Bank of America, N.A.

Rating	Moody's	Standard & Poor's	Fitch
Outlook	Stable	Stable	Stable
Long-term senior	Aa2	A+	AA-
Long-term deposit	Aa2	A+	AA
Subordinated	Aa3	A-	A
Short-term	P-1	A-1	F1+

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Rating	Moody's	Standard & Poor's	Fitch
Outlook	-	Stable	Stable
Long-term senior	-	A+	AA-
Short-term	-	A-1	F1+

BofA Securities, Inc. (formerly BofAML Securities, Inc.)

Rating	Moody's	Standard & Poor's	Fitch
Outlook	-	Stable	Stable
Long-term senior	-	A+	AA-
Short-term	-	A-1	F1+

BofA Securities Europe SA

Rating	Moody's	Standard & Poor's	Fitch
Outlook	-	Stable	Stable
Long-term senior	-	A+	A+
Short-term	-	A-1	F1

Merrill Lynch International

Rating	Moody's	Standard & Poor's	Fitch
Outlook	-	Stable	Stable
Long-term senior	-	A+	A+
Short-term	-	A-1	F1

Bank of America Merrill Lynch International D.A.C. (formerly Merrill Lynch International Bank D.A.C.)

Rating	Moody's	Standard & Poor's	Fitch
Outlook	-	Stable	Stable
Long-term senior	-	A+	AA-
Short-term	-	A-1	F1+

BofA Finance LLC

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	(P) A2 ⁽¹⁾	-	A+ ⁽¹⁾
Short-term	-	-	-

Bank of America California, N.A.

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	-	A+	AA-
Short-term	-	-	F1+

BAC Canada Finance Company

Rating	Moody's	Standard & Poor’s	Fitch
Long-term senior	(P) A2 ⁽¹⁾	A- ⁽¹⁾	A+
Short-term	-	-	F1

Merrill Lynch Japan Finance GK

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	(P) A2 ⁽¹⁾	A- ⁽¹⁾	A+
Short-term	(P) P-1 ⁽¹⁾	A-2 ⁽¹⁾	F1

Merrill Lynch Japan Securities Co., Ltd.

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	-	-	A+
Short-term	-	-	F1

Merrill Lynch B.V.

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	A2 ⁽²⁾	-	A+
Short-term	-	-	-

Merrill Lynch Bank and Trust Company (Cayman) Limited

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	-	A-	-
Short-term	-	A-2	-

Merrill Lynch International & Co. C.V.

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	(P) A2 ⁽¹⁾	-	-
Short-term	(P) P-1 ⁽¹⁾	-	-

Bank of America Mexico, S.A., Institucion de Banca Multiple

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	-	mxAAA	AAA (mex)
Short-term	-	mxA-1+	F1+ (mex)

Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	-	mxAAA	AAA (mex)
Short-term	-	mxA-1+	F1+ (mex)

Bank of America Merrill Lynch Banco Múltiplo S.A.

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	-	-	AAA (bra)
Short-term	-	-	F1+ (bra)

DSP Merrill Lynch Limited

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	-	-	-
Short-term	-	A1+ CRISIL	-

Merrill Lynch Derivative Products AG

Rating	Moody's	Standard & Poor's	Fitch
Long-term senior	Aa3(sf)	AA	-
Short-term	-	-	-

⁽¹⁾ Rating applies to payment obligations under issuance program. There is no assurance that individual notes issued under the program will be assigned a rating.

⁽²⁾ Moody’s currently reports long-term ratings for certain issuances of Merrill Lynch S.A. (MLSA). MLSA merged into Merrill Lynch B.V. (MLBV) on January 1, 2013 leaving MLBV as the surviving entity. All notes or certificates previously issued by MLSA, including both rated and unrated issuances, are now obligations of MLBV.

The information contained on this Investor Relations web site is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The financial and other information that may be accessed on this Investor Relations web site speaks only as of the particular dates referenced in the information or the dates the information was originally issued. This information may have since become superseded as a result of later circumstances or events. Bank of America does not undertake any obligation, and disclaims any duty, to update this information. In addition, this information may contain forward-looking statements that are subject to various risks and uncertainties that could cause actual outcomes or results to differ materially from those expressed in or implied by any forward-looking statement. The risks and uncertainties that could affect the company's actual outcomes or results are discussed more fully in our most recent Annual Report on Form 10-K, as well as any updated risks and uncertainties contained in subsequent reports filed with the Securities and Exchange Commission.

Are Not FDIC Insured	Are Not Bank Guaranteed	May Lose Value
Are Not Deposits	Are Not Insured by Any Governmental Agency	Are Not a Condition to Any Banking Service or Activity

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Credit Ratings

Credit Ratings for Bank of America and Selected Legal Entities as of January 14, 2020

Terms of Use

Credit Ratings for Bank of America and Selected Legal Entities
as of January 14, 2020