|
|
 |
|
Viewing report
|
|
|
|
BULLETIN: Bank of America Corp. Announces Fourth-Quarter Loan Loss Provision Dec 02
Standard & Poors, Dec 2002
Abstract
Bank of America Corp. (A+/Stable/A-1) announced that it is taking a $1.2 billion provision for loan losses in fourth-quarter 2002, driven by continuing asset quality problems in its Global Corporate & Investment Banking division. Specifically, the company is recognizing large credit losses in its airline and electric utilities sectors. The impact on the bottom line will be muted by a $488 million reduction in previously accrued taxes as a result of a multiyear settlement with the IRS. With tangible capital of $37 billion and a forecasted full-year 2002 net earnings of $9 billion, these actions have no impact on Standard & Poor's ratings or outlook on the company. Current ratings on Bank of America fully reflect the possibility of even...
Companies mentioned in this report are: Bank of America Corp.
Action: S&P Event
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.
|
|
|
|
