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Bank of America Corp. Ratings Affirmed; Preferred-Stock Rating Raised To 'BB' Dec 09
Standard & Poors, Dec 2009
Abstract
We view the successful implementation and completion of the planned common capital raise as a significant positive development. We are raising our preferred stock ratings on Bank of America and its bank subsidiaries. We continue to evaluate ongoing issues related to credit risk, strategic flux, and prospects for weak earnings from a continuing difficult operating environment. NEW YORK (Standard & Poor's) Dec. 4, 2009--Standard & Poor's Ratings Services said today that it raised its preferred-stock ratings on Bank of America Corp. (BofA) to 'BB' from 'B'. We also raised our preferred-stock ratings on BofA's bank subsidiaries to 'BB+' from 'B'. All other ratings, including the 'A/A-1' counterparty credit rating, are affirmed. The outlook is stable. The rating action follows BofA's...
Companies mentioned in this report are: Bank of America Corp.
Action: Upgraded
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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