11/18/2009-Moody's Investor's Service raised its unsupported bank financial strength rating on Bank of America (NYSE:BAC) to C- from D.

Moody's said, "The upgrade reflects Moody's expectations regarding sustained improvement in Bank of America's capital ratios following a significant capital raise earlier this year."

In addition, John Paulson said earlier that the bank's stock will most likely double over the next two years as writedowns ease.

According to a Q3 letter to investors from the hedge fund manager, "Banks will have passed the current writedown cycle and have visibility for growth in 2012."

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