Research Update: Bank of America Corp. ?A/A-1? Rating Affirmed; Stand-Alone Credit Profile And Hybrid Ratings Raised Dec 10
Standard & Poors, December 2010
Abstract
BofA has made significant fundamental progress in the past two years in derisking its balance sheet while steadying earnings results. We affirmed our issuer ratings on BofA and raised the hybrid ratings (which include all preferred stock) one notch; the outlook is negative. We expect continued derisking and improving earnings performance to result in higher capital levels. On Dec. 15, 2010, Standard & Poor's Ratings Services affirmed its 'A/A-1' counterparty credit rating on Bank of America Corp. (BofA). We also affirmed the ratings on various affiliates, including the 'A+/A-1' counterparty credit rating on Bank of America N.A., its lead bank subsidiary. At the same time, we raised the stand-alone credit profile (SACP) of BofA by one notch to 'bbb+' from...
Action: Affirmed
Action: Upgraded
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Product Type: Research Update
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