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Rating Actions Taken On Bank Of America N.A. LOC- And SBPA-Backed Public Finance Issues Mar 09
Standard & Poors, March 2009
Abstract
Standard & Poor's Ratings Services lowered its ratings on 730 Bank of America N.A. letter of credit (LOC)- and standby bond purchase agreement (SBPA)-backed U.S. Public Finance issues and raised its ratings on seven issues due to the upgrade of the underlying bonds (see table 1). These rating actions follow Standard & Poor's March 3, 2009, downgrade of Bank of America N.A. to 'A+/A-1' from 'AA-/A-1+' (see 'Bank of America Corp. Rating Lowered To 'A' From 'A+'; Outlook Remains Negative', RatingsDirect, March 3, 2009. The ratings on the 730 issues that we lowered are based on the credit and/or liquidity support provided by Bank of America N.A. in the form of either LOCs or SBPAs, which provide for the full...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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