Research Update: Bank of America Downgraded, Ratings Put On Watch Negative; Merrill Lynch On Watch Developing Sep 08
Standard & Poors, September 2008
Abstract
On Sept. 15, 2008, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Bank of America Corp. (BofA) to 'AA-' from 'AA'. The long-term ratings of its subsidiaries were also lowered one notch. The long-term ratings on BofA's holding company and its bank subsidiaries were placed on CreditWatch with negative implications. At the same time, Standard & Poor's placed its ratings on Merrill Lynch & Co. Inc. (Merrill Lynch)--including the holding company 'A' long-term and 'A-1' short-term counterparty credit ratings--as well as the ratings of all related entities on CreditWatch with developing implications, meaning ratings could be raised, lowered, or affirmed. These actions follow BofA's agreement to acquire Merrill Lynch in an all-stock transaction valued at about...
Action: Downgraded
Action: On CreditWatch:Developing
Action: On CreditWatch:Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Bank of America Corp.
- Merrill Lynch & Co. Inc.
- LaSalle Bank N.A.
- Bank of America N.A.
- Lehman Brothers Holdings Inc.
- Countrywide Financial Corp.
- LaSalle Bank Midwest N.A.
- FIA Card Services N.A.
- BankAmerica Institutional Capital A
- BankAmerica Capital III
- Barnett Capital Trust I
- BankBoston Capital Trust I
- NB Capital Trust III
- BankAmerica Institutional Capital B
- Barnett Capital Trust II
- BankBoston Capital Trust II
- Barnett Capital Trust III
- Summit Bancorp Capital Trust I
- MBNA Capital B
- BankBoston Capital Trust IV
- Fleet Capital Trust V
- MBNA Europe Funding PLC
- Fleet Capital Trust VI
- Fleet Capital Trust VIII
- Fleet Capital Trust IX
- BANA Holding Corp
- BAC LB Capital Funding Trust I
- BAC North America Holding Co.
- BAC AAH Capital Funding LLC I
- BAC AAH Capital Funding LLC II
- BAC AAH Capital Funding LLC III
- BAC AAH Capital Funding LLC IV
- BAC AAH Capital Funding LLC V
- BAC AAH Capital Funding LLC VI
- BAC AAH Capital Funding LLC VII
- Banc of America Preferred Funding Corp.
- BAC AAH Capital Funding LLC VIII
- BAC AAH Capital Funding LLC IX
- BAC AAH Capital Funding LLC X
- BAC AAH Capital Funding LLC XI
- BAC AAH Capital Funding LLC XII
- BAC AAH Capital Funding LLC XIII
- BAC AAH Capital Funding LLC XIV
- BAC Capital Trust I
- BAC Capital Trust II
- BAC Capital Trust III
- BAC Capital Trust IV
- BAC AAH Capital Funding LLC XV
- BAC AAH Capital Funding LLC XVI
- BAC AAH Capital Funding LLC XVII
- BAC AAH Capital Funding LLC XVIII
- BAC AAH Capital Funding LLC XIX
- Lasalle Funding LLC
- MBNA Capital D
- MBNA Capital E
- BAC Capital Trust V
- BAC Capital Trust VI
- BAC Capital Trust VII
- MBNA Canada Bank
- BAC Capital Trust VIII
- BAC Capital Trust X
- BAC Capital Trust XI
- BAC Capital Trust XII
- Banc of America Dutch Auction Preferred Corp.
- BAC Capital Trust XIII
- BAC Capital Trust XIV
- BAC Capital Trust XV
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