Bank of America trades at 52 week low so Fitch gallops in on the white horse with a ratings upgrade

Bank of America's common stock printed a 52 week low today ($12.75) and closed at $12.87. Two weeks ago, Bank of America closed at $13.96 and just over a month ago (July 14th), this fine institution closed at $15.67. After a $2.80 (18%) drop in just over a month Fitch came to the rescue after today's close.

By Sue Chang
SAN FRANCISCO (MarketWatch)
Fitch Ratings on Friday upgraded Bank of America Corp.'s preferred stock rating to investment grade of BBB- from BB- and its individual stock rating to C from C/D. "The upgrades reflect BAC's efforts to boost common equity and liquidity combined with stable to improving asset quality trends in various portfolio categories," said Fitch in a statement. It also affirmed Bank of America's issuer default rating of A+. The outlook is stable.

With his faithful Indian companion, Fitch, the daring and

resourceful masked ratings agency of the plains led the fight for

 law and order in early Charlotte, NC. Return with us now to those

thrilling days of yesteryear. The Lone Ratings Agency rides again!