Moody's downgraded the largest U.S. bank by assets long-term senior debt rating to Baa1 from A2 and its short-term debt rating to Prime 2 from Prime 1.
Moody's said the long-term outlook on the bank's senior ratings remains negative.
In June, Moody's placed Bank of America, Citigroup Inc
Bank of America shares declined 4.5 percent in midday trading after the downgrade was announced.
(Reporting by Joe Rauch; editing by Gunna Dickson)