Moody's put certain Bank of America ( BAC) ratings on review Thursday evening, related to the bank's off-balance sheet credit-card debt that will soon come onto its books.

The ratings agency is reviewing all classes of BofA's asset-backed credit card securities issued by the special purpose credit card trusts.

The action relates to a decision by the Financial Accounting Standards Board that will force financial firms to place onto their books assets that have been held off balance sheet in special purpose vehicles. The rule change is set to take effect in January.

BofA said on its earnings call last week that about $150 billion worth of credit card and other consumer debt will have to shift as a result. Executives expect to book a one-time charge, probably in the first quarter, which a KBW analyst pegged at $12 billion earlier this week.

In a foreboding statement, Moody's said that such concerns may have implications for ratings on Bank of America itself and those of its other affiliates and subsidiaries. The agency noted, however, that recent capital-raising efforts and other diversified revenue streams may mitigate the effects of bad off-balance sheet debt.

"The positive benefits of the capital raise may be partially offset by higher than anticipated credit card losses over the next one to two years," Moody's said in a statement, while noting the potential for "higher than anticipated credit card losses in the context of this review."

The review may also be a bad signal for other competitors like Wells Fargo ( WFC), which has a large amount of off-balance sheet assets, as well as Citigroup ( C) and JPMorgan Chase ( JPM), depending on the quality of the loans, and how they have been valued.

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