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 July 30, 2008. Following the announcements of our CDO sale, monoline financial guarantor contract terminations and common equity offering on July 28, 2008, Moody's Investors Services, Standard & Poor's Ratings Services and Ratings & Investment Information, Inc. (Japan) affirmed their current ratings and outlooks. Dominion Bond Rating Service Ltd. lowered ML & Co.'s long-term rating one notch to "A (high)", retaining the Negative outlook.
On July 17, 2008, Moody's Investors Services lowered ML & Co.'s long-term rating to "A2" following the announcement of our second quarter results. The short-term rating was affirmed at "Prime-1", and the outlook on both ratings is Stable. Also on July 17, 2008, both Standard & Poor's Ratings Services and Dominion Bond Rating Service Ltd. affirmed their respective ratings; the outlook on ML & Co.'s long-term ratings remains Negative at both agencies. On July 18, 2008, Ratings & Investment Information, Inc. (Japan) lowered ML & Co.'s long-term rating to "A+" and short-term rating to "a-1". The outlook on the long-term rating is Negative.
On July 9, 2008, Fitch Ratings placed the long-term ratings of ML & Co. on Negative Watch, where they remain.
| 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
|
| 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 July 17, 2008, June 2, 2008, or October 24, 2007.
* 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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