Trust us, those structured warrants we sold you on the SGX are still good, says Merrill Lynch

Now that Moody’s has downgraded the bank with negative outlook, the bank was compelled to issue a statement that it stands by its “ability to fulfill its obligation as a structured warrants guarantor”.

Here is the full statement:

Merrill Lynch International & Co. C.V. (the “Issuer”) wishes to announce that on 21 September 2011, Moody’s Investors Service, Inc. (“Moody’s”) has downgraded the ratings of Bank of America Corporation’s (the “Guarantor”) holding company to Baa1 from A2 for long-term senior debt and to Prime-2 from Prime- 1 for short-term debt. The actions conclude a review for downgrade announced on 2 June 2011. The outlook on the long-term senior ratings remains negative. Investors may visit Moody’s website for more information, which can be viewed at https://www.moodys.com/research/Moodys-downgrades-Bank-of- America-Corp-to-Baa1P-2-Bank--PR_226511.

The Guarantor confirms that its ability to fulfill its obligation as a structured warrants guarantor for the warrants issued by the Issuer and listed on the Singapore Exchange Securities Trading Limited is not affected.

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