Fitch Affirms and Rates Banc of America Securities LLC

Business Wire, Sept 2, 2005

NEW YORK -- Fitch Ratings affirms the 'F1 ' short-term rating of Banc of America Securities LLC (BAS) and assigns a long-term senior rating of 'AA-'. BAS, a U.S.-based full-service broker-dealer, is an indirect, wholly owned subsidiary of Bank of America Corporation (BAC).

Ratings for Banc of America Securities LLC mirror those of its ultimate parent, due to the significant integration of commercial and operational activities between BAS, BAC, and major BAC subsidiaries.

Funding, capital, and liquidity policies at BAS are based on traditional broker-dealer structures, with great reliance on secured funding. The company's capital and liquidity positions are considered sound. Risk measurement and monitoring are consistent with those of the consolidated firm.

Effective cross-selling between Bank of America, NA, and BAS has garnered greater corporate market penetration. The result is improved league table rankings in numerous investment banking products. Legal and regulatory matters continue to consume management and financial resources. However, a number of major actions have been settled over the past year without significantly impairing the company's financial condition.

Fitch takes the following actions on Banc of America Securities LLC with a Stable Outlook:

-- Senior debt rated 'AA-';

-- Short-term debt affirmed at 'F1 '.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.