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Bulletin: Bank of America Corp. Rating Unaffected By Fourth-Quarter Results Jan 10
Standard & Poors, Jan 2010
Abstract
NEW YORK (Standard & Poor's) Jan. 20, 2010--Standard & Poor's Ratings Services said today that its rating on Bank of America Corp. (BofA; A/Stable/A-1, holding company) was not affected by the company's flat and still-weak fourth-quarter results. BofA generated about $412 million in income after adjusting for various one-time items--essentially flat versus the third quarter. Revenues during the quarter declined just under $1 billion on a consolidated basis because of a reduction in sales and trading revenues and a decline in the deposit and global credit card business lines. Strong growth in wealth management offset some of this decline. The loan portfolio contracted $14 billion, though the margin remains essentially stable, ticking up 1 basis point (bp) to 2.62% from...
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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