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Bulletin: Bank of America Corp. Ratings Unaffected By Announcement Of $3 Billion Charge Nov 07
Standard & Poors, Nov 2007
Abstract
NEW YORK (Standard & Poor's) Nov. 14, 2007--Bank of America's (BofA) disclosure that it will record a charge of $3 billion in fourth-quarter 2007 related to market valuations of its CDO exposure will not affect ratings on BofA. Although the size of the charges is noteworthy, BofA's diverse revenue streams and the depth and breadth of its core business profile mitigate the effect on ratings. BofA's subprime-supported CDO exposure of approximately $12.1 billion represents a moderate sized exposure for the company. However, given the complexities and assumptions used in the valuation of such assets, and BofA's acknowledgement that additional charges could be incurred if markets worsen, we will continue to monitor developments. Future ratings pressure would likely be driven by...
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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