All these factors have contributed to the upgrade. Per Moody's, BofA's operating expenses are anticipated to remain flat, over the next two years, despite continued investments in technology and branch-expansion efforts. The rating agency believes this will further help the company sustain improved profitability. Moreover, BofA's conservative risk appetite compared with many of its peers has been maintained at high, along with strengthening of its earnings profile. Additionally, the rating agency believes such profile to be sustained despite some rare earnings pressures. However, the bank's more conservative credit risk and market risk profile can be partially mitigated due to its elevated interest rate sensitivity as compared with its peers, per the rating agency. Moody's believes improved profitability has also supported the company's enhanced capital-deployment actions and sustained strong capital ratios.