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Moody's on Jan. 8 downgraded Bank of America Corp. and its units, but it upgraded the company's latest acquisition target, Merrill Lynch & Co. Inc.
The rating agency cut Bank of America's issuer rating to Aa3 from Aa2. It lowered Bank of America NA's bank financial strength rating to B from A- and its issuer rating to Aa1 from Aaa.
Concurrently, the agency upgraded the debt ratings of Merrill Lynch,...