Yesterday afternoon Standard & Poor's upgraded Merrill Lynch's long term credit rating to A+ from A. At the same time, the short term credit rating of A-1 was affirmed. This equalizes the Merrill Lynch ratings with the Bank of America credit ratings and is due to the fact that the Bank of America purchase of Merrill Lynch is now complete.
It has been a while (seems like forever) since we have seen an upgrade announcement out of Standard & Poor's. Don't put on the party hats yet though, the S&P credit outlook on both is negative.