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Fitch Lowers Bank of America's Default & Servicer Ratings.
Byline: Brad Finkelstein
Charlotte, NC-In the wake of the poor earnings report and disclosures about additional government assistance at Bank of America Corp. here, Fitch Ratings, Chicago, has cut the long-term issuer default rating on the company's bank subsidiaries from AA- to A+.
Separately, Fitch also lowered servicer ratings by one notch on Bank of America and Countrywide Home Loans, which has been acquired by BoA.
Countrywide's residential primary servicer rating for prime loans was downgraded to RPS1- from a previous top rating of RPS1. For alt-A, subprime and HELOC servicing, BoA's residential servicer rating was notched down to RPS2+. The company's special servicer rating was also moved down one step to RSS2+, while the master servicer rating was affirmed at that same rating level.
Fitch said the servicing downgrades reflect the changes to the financial condition of its parent company, Bank of America.
For Bank of America itself, the residential primary servicer rating for prime loans was notched down to RPS1-. The bank's ratings for alt-A and HELOC servicing were also lowered to the same rating level.
Fitch said the rating action reflects the "potential impact on servicing operations of continued pressure" on Bank of America's financial flexibility and the increasingly challenged residential mortgage market.
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Source: HighBeam Research, Fitch Lowers Bank of America's Default & Servicer Ratings.