S&PCORRECT: Countrywide Financial Corp. Rating Lowered To 'BB+/B'; On CreditWatch Developing
Standard & Poors, May 2008
Abstract
NEW YORK (Standard & Poor's) May 2, 2008--Standard & Poor's Ratings Services said today that it lowered its ratings on Countrywide Financial Corp. and Countrywide Home Loans Inc. to 'BB+/B' from 'BBB+/A-2'. We also lowered our rating on Countrywide Bank fsb to 'BBB/A-2' from 'A-/A-2'. The rating actions were due to the disclosure in Bank of America Corp.'s (BAC) May 1 Form S-4/A filing relating to the terms of the merger between BAC and Countrywide and a new reference regarding the treatment of Countrywide's indebtedness. All of our ratings on Countrywide are now on CreditWatch Developing, a revision from CreditWatch Positive (where they were placed Jan. 11, 2008) due to the new level of uncertainty as to the ultimate legal...
Companies mentioned in this report are: Countrywide Financial Corp.,Bank of America Corp.,Countrywide Home Loans, Inc.,Countrywide Bank fsb
Action: Downgraded
Action: On CreditWatch:Developing
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.
Countrywide Financial Corp.,Bank of America Corp.,Countrywide Home Loans, Inc.,Countrywide Bank fsb
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