Fitch Raises Bank of America's Ratings

Fitch Ratings on Friday raised Bank of America's preferred stock and trust preferred ratings to investment-grade.

The rating agency said it raised the preferred stock rating to BBB-minus from BB-minus and its trust preferred rating to BBB-minus from BB.

The upgrades reflect Bank of America's efforts to boost common equity and liquidity.

Bank of America stock rose in extended trading Friday after closing at $12.87 .Click here for after-hours Bank of America stock quotes.