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Bulletin: Bank of America Corp. Ratings Stay Put After Second-Quarter Earnings Reported Jul 08
Standard & Poors, July 2008
Abstract
NEW YORK (Standard & Poor's) July 21, 2008--Standard & Poor's Ratings Services said today that second-quarter earnings announced by Bank of America Corp. (BofA; AA/Negative/A-1+) were within our range of expectations considering the economic environment and do not affect our ratings on the company. Net income dropped more than 40% from the comparable quarter in 2007, to $3.4 billion, as the bank's provision for credit losses more than tripled, reflecting weakness in consumer and commercial portfolios tied to the housing market, including those related to home equity, residential mortgages, and homebuilders. Notably, though, earnings improved on a sequential-quarter basis, as market disruption-related write-downs decreased to $1.2 billion, from $2.8 billion in the first quarter. We expect market disruption-related write-downs to...
Companies mentioned in this report are: Bank of America Corp.
Action: Bulletin
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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