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Bank of America Outlook Revised to Positive; FleetBoston Ratings Placed on Watch Positive Oct 03
Standard & Poors, Oct 2003
Abstract
NEW YORK (Standard & Poor's) Oct. 27, 2003--Standard & Poor's Ratings Services today affirmed its ratings on Bank of America Corp. (NYSE:BAC), including BAC's 'A+/A-1' counterparty credit ratings. The ratings outlook for BAC is revised to positive from stable. At the same time, Standard & Poor's placed its ratings for FleetBoston Financial Corp. (NYSE:FBF), including FBF's 'A/A-1' counterparty credit ratings, on CreditWatch with positive implications. These rating actions follow BAC's announcement that it has agreed to acquire FBF. 'The positive outlook on BAC is based on its improving financial trends, the increased geographic diversity from building a national banking franchise, and the potential financial benefits from the FBF transaction,' said Standard & Poor's credit analyst Charles D. Rauch. 'The CreditWatch...
Companies mentioned in this report are: Bank of America Corp.,FleetBoston Financial Corp.
Action: Various Rating Actions
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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