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Bank of America Corp. Rating Lowered One Notch To 'A'; Outlook Remains Negative Mar 09
Standard & Poors, March 2009
Abstract
NEW YORK (Standard & Poor's) March 3, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on Bank of America Corp. (BofA) to 'A' from 'A+'. Standard & Poor's also said that it affirmed its 'A-1' short-term ratings on BofA. In addition, Standard & Poor's lowered its ratings on BofA's bank subsidiaries to 'A+/A-1' from 'AA-/A-1+'. Standard & Poor's also lowered BofA's hybrid rating to 'BB-' from 'BBB' and the hybrid ratings on the bank subsidiaries to 'BB' from 'BBB+' and affirmed its 'AAA' rating on the FDIC-guaranteed debt of BofA and its subsidiaries. The outlook on BofA and its bank subsidiaries remains negative. 'We downgraded BofA one notch because we believe that the...
Companies mentioned in this report are: Bank of America Corp.
Action: Downgraded
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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