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Bulletin: Bank of America Corp. Ratings Not Affected By Announced Fourth-Quarter Charges Dec 07
Standard & Poors, Dec 2007
Abstract
NEW YORK (Standard & Poor's) Dec. 12, 2007--Standard & Poor's Ratings Services said today that its ratings on Bank of America Corp. (BoA; AA/Stable/A-1+) will not be affected by the announcement that it will record several charges in the fourth quarter related to asset and performance deterioration in several areas. BoA will record a $3.3 billion provision, including a $1.3 billion incremental increase in reserves. About one-third of the $1.3 billion is attributable to growth and seasoning, and two-thirds to deterioration in consumer real estate and, to a lesser degree, small business lending. The company also disclosed that valuation charges associated with its CDO investments will be greater than the $3 billion estimate provided last month. Finally, the company indicated...
Companies mentioned in this report are: Bank of America Corp.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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