Fitch Ratings raised its junk-level preferred stock rating on Bank of America Corp., citing improvement in the Charlotte bank's risk profile.

The ratings agency said there was less potential for additional government support or needing to omit dividends on preferred stock. The nation's largest bank by assets was successful in tapping the equity markets in the second quarter for billions in capital and has accessed the external debt markets a number of times since June. Bank of America has also converted a considerable portion of preferred stock held by non-governmental investors to common shares through voluntary exchange offers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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