DBRS Morningstar confirmed the long-term ratings of Bank of America Corp., including its long-term issuer rating of A (high), saying it is well-positioned for future growth opportunities.

The rating agency also upgraded BofA's short-term ratings to R-1 (middle) from R-1 (low). The company's support assessment is SA3.

Additionally, DBRS confirmed the ratings for BofA's unit, Bank of America NA. The intrinsic assessment for the bank is AA (low), and its support assessment remains SA1.

The trend for all ratings is stable.

DBRS said the ratings are underpinned by BofA's highly diverse business mix including wholesale banking services, wealth management and capital markets businesses, which all contribute to the company's overall franchise strength.

The upgrade on BofA's short-term ratings reflects DBRS' view that regulated banking organizations, including holdings companies, are being held to high liquidity standards corresponding to the higher rating on the agency's short-term scale.

The ratings actions also consider "the underlying risks and interconnectedness of the credit markets at a time when the current credit cycle is potentially in its later stages," although it views BofA to be taking the appropriate precautions regarding riskier lending and extensions of credit.