Research Update: U.K.-Based Banc of America Securities Ltd. Ratings Raised To 'AA/A-1+'; Outlook Stable Aug 06
- ID: 1791077
- August 2006
- Region: America, United Kingdom, United States, Great Britain
- Standard & Poors
On Aug. 8, 2006, Standard & Poor's Ratings Services raised its counterparty credit ratings on U.K.-based Banc of America Securities Ltd. (BASL) to 'AA/A-1+' from 'A+/A-1'. The outlook is stable. BASL is a subsidiary of Bank of America N.A. (BANA; AA/Stable/A-1+). The upgrade on BASL follows a review of BASL's importance to BANA and the broader Bank of America Corp. (BoA; AA-/Stable/A-1+). BASL is now considered a "core" subsidiary of BANA, reflecting the close operational integration of BASL with BANA, and the significant investment of BoA in developing its capital markets and investment banking operations, particularly in Europe, which are largely conducted through BASL. Although licensed as a deposit taker by the U.K.'s Financial Services Authority, BASL primarily undertakes broker...
Companies mentioned in this report are:
- Bank of America Merrill Lynch International Limited
- Bank of America Corp.
Action: Outlook: Stable
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Product Type: Research Update
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