"If any one asserts, that this sin of Adam,--which in its origin is one, and being transfused into all by propagation, not by imitation, is in each one as his own, --is taken away either by the powers of human nature, or by any other remedy than the merit of the one mediator, our Lord Jesus Christ, who hath reconciled us to God in his own blood, made unto us justice, santification, and redemption; or if he denies that the said merit of Jesus Christ is applied, both to adults and to infants, by the sacrament of baptism rightly administered in the form of the church; let him be anathema: For there is no other name under heaven given to men, whereby we must be [Page 23] saved. Whence that voice; Behold the lamb of God behold him who taketh away the sins of the world; and that other; As many as have been baptized, have put on Christ." Trent Session5 Chapter3 (Emphasis mine)
Assuming we agree on the first part (ie, the merit of our Lord Jesus Christ is necessary) those who hold BOD/BOB must state that people saved by BOD/BOB were saved by Jesus Christ but the merit of Jesus Christ was not "applied by the sacrament of baptism rightly administered in the form of the church". That position is anathema.
BOD/BOB have no form defined by the Church.
BOD/BOB don't have a minister to "rightly administer" them (no intent to do what the Church does).
BOD/BOB have no ritual defined to "rightly administer".
"As many as have been baptized, have put on Christ" excludes all the unbaptized from Christ's merit.
I pray I've helped here,
JoeZ