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Bank of America Downgraded, Ratings Put On Watch Negative; Merrill Lynch On Watch Developing Sep 08
Standard & Poors, Sep 2008
Abstract
NEW YORK (Standard & Poor's) Sept. 15, 2008--Standard & Poor's Ratings Services said today that it 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...
Companies mentioned in this report are: Bank of America Corp.
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.
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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