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Bulletin: Bank of America Corp. Rating Unaffected By Fourth-Quarter Results Jan 10
Standard & Poors, January 2010
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.
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Bank of America Corp.