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Bulletin: Bank of America Corp. Rating Unaffected By Third-Quarter Loss Oct 09
Standard & Poors, Oct 2009
Abstract
NEW YORK (Standard & Poor's) Oct. 16, 2009--Standard & Poor's Ratings Services said today that its rating on Bank of America Corp. (BAC; A/Stable/A-1, holding company) is not affected by the company's just-announced third-quarter loss. BAC reported a pretax loss of $2.0 billion compared to pretax income of $2.4 billion in the previous quarter. A decline in revenues affected results as average earning assets fell while the margin declined by a modest 3 basis points to 2.61%. Furthermore, mortgage banking results were weaker in the quarter as lower volumes and weaker mortgage servicing rights hedging performance dampened earnings. On the credit front, an $11.7 billion loss provision, compared to $13.4 billion in the previous quarter, included a $2.1 billion reserve...
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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