Bank of America (NYSE:BAC), Citigroup (NYSE:C) Upgraded by Fitch Ratings

With the overall outlook for 2011 looking better for Bank of America (NYSE:BAC) and Citigroup (NYSE:C), along with healthier credit trends, Fitch Ratings upgraded the two giant banks.

Also noted by analyst Joseph Scott, in the case of Bank of America, was "the bank's diversified franchise and revenue mix, along with its large domestic presence in retail banking, wealth management and investment banking."

For Citigroup, it was their strong presence in high-growth emerging markets.

For individual ratings, the two banks were both upgraded from "C" to "B/C."

Concerning unsupported long- and short-term issuer default ratings, they were also both boosted from "BBB+" and "F2" to "A-" and "F1."

Bank of America closed Wednesday's trading session at $13.55, down $0.08, or 0.59 percent. Citigroup closed at $4.81, dropping $0.01, or 0.21 percent.