Standard & Poor's Tuesday dropped Bank of America Corp. to A from A-plus, citing economic weakness that will put more pressure on earnings than the agency expected when it downgraded the company in December. The rating outlook remains negative.

Standard & Poor's also affirmed the A-1 short-term rating of Bank of America Corp. while lowering the long-term credit ratings of its bank subsidiaries to A-plus from AA-minus and the short-term ratings to A-1 from A-1-plus.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.