Credit Ratings
Credit Ratings for Merrill Lynch & Co., Inc. and Selected Legal Entities
The following table sets forth ML & Co.'s unsecured credit ratings as of October 27, 2008. The ratings and outlooks of ML & Co. and its rated subsidiaries were unchanged following the release of the firm's third quarter results on October 16, 2008.
Following the announcement on September 15, 2008 of our agreement to be acquired by Bank of America Corporation, Moody's Investors Service placed our ratings on Review for Upgrade. Both Standard & Poor's Ratings Services and Dominion Bond Rating Service Ltd. placed our ratings under review with Developing Implications. Fitch placed our ratings on Rating Watch Evolving. Ratings & Investment Information, Inc. (Japan) placed our ratings on Rating Monitor with a view to Upgrading.
| Entity |
DBRS |
Fitch |
Moody's |
Rating &
Investment |
S&P |
| Merrill Lynch & Co., Inc. |
Long-Term
Senior Unsecured |
A (high) |
A+ |
A2 |
A+ |
A |
| Subordinated Debt |
A |
A |
A3 |
A |
A- |
| Commercial Paper |
R-1 (middle) |
F1 |
P-1 |
a-1 |
A-1 |
| Trust Preferred |
A |
A |
A3 |
|
BBB+ |
| Preferred Stock |
A (low) |
A |
Baa1 |
|
BBB+
|
| Merrill Lynch & Co., Canada Ltd. |
Commercial
Paper (1)
|
R-1 (middle) |
F1 |
P-1 |
|
A-1
|
| Merrill Lynch Canada Finance Company |
Long-Term
Senior
Unsecured (1) |
A (high) |
A+ |
A2 |
|
A |
Commercial
Paper (1)
|
R-1 (middle) |
F1 |
P-1 |
|
A-1 |
| Merrill Lynch Finance (Australia) Pty Limited |
Long-Term
Senior
Unsecured (1) |
|
|
A2 |
|
A |
Commercial
Paper (1)
|
|
F1 |
P-1 |
|
A-1 |
|
| Merrill Lynch Japan Finance Co., Limited |
Long-Term
Senior
Unsecured (1) |
|
|
A2 |
A+ |
A |
Commercial
Paper (1)
|
|
|
P-1 |
a-1 |
A-1
|
| Merrill Lynch S.A. |
Long-Term
Senior
Unsecured (1)
|
|
A+ |
A2 |
A+ |
A
|
| Merrill Lynch Derivative Products AG |
Counterparty
Rating(2)
|
AAA |
AAA |
Aaa |
|
AAA
|
| Merrill Lynch Bank USA |
Long-Term
Senior Unsecured |
AA (low) |
A+ |
A2 |
|
A+
|
| Long-Term Deposit |
AA (low) |
AA- |
A2 |
|
A+ |
| Short-Term Rating |
|
F1 |
P-1 |
|
A-1
|
| Merrill Lynch Bank & Trust Co., FSB |
Long-Term
Senior Unsecured |
|
A+ |
A2 |
|
A+ |
| Long-Term Deposit |
|
AA- |
A2 |
|
A+ |
| Short-Term Rating |
|
F1 |
P-1 |
|
A-1
|
| Merrill Lynch Bank and Trust Co. (Cayman) Ltd. (MLBTC) |
Long-Term
Senior Unsecured |
|
|
|
|
A |
| Long-Term Deposit |
|
|
|
|
A
|
| Short-Term Rating |
|
|
|
|
A-1
|
| Merrill Lynch International Bank Limited* |
Issuer Default Rating
|
|
A+ |
|
|
|
Short-Term Rating
|
|
F1 |
|
|
|
Certificate of Deposit (1)
|
|
|
A2 / P-1 |
|
A / A-1
|
| Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa |
Long-Term
Mexican National
Scale Issuer (2) |
|
AAA (mex) |
Aaa.mx |
|
mxAAA
|
Short-Term
Mexican National
Scale Issuer (2)
|
|
F1+ (mex) |
MX-1 |
|
mxA-1+
|
Notes
(1) Guaranteed by ML&Co.
(2) The ratings and outlooks for these entities were not affected by the rating actions of September 15, 2008.
* Merrill Lynch International Bank Limited ("MLIB") transferred its banking business and other operations to Merrill Lynch Capital Markets Bank Limited ("MLCMB") on September 30, 2006. Following the transfer of business, MLIB has ceased to engage in any regulated activity and has changed its name to MLIB (historic) Limited and MLCMB has changed its name to Merrill Lynch International Bank Limited.
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