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Bank of America Corp. Ratings Affirmed; FleetBoston Upgraded, off Watch, Ratings Withdrawn Apr 04
Standard & Poors, April 2004
Abstract
NEW YORK (Standard & Poor's) April 1, 2004--Standard & Poor's Ratings Services said today that it has affirmed its 'A+/Positive/A-1' counterparty credit ratings on Bank of America Corp. (BoA), and its ratings on BoA's subsidiaries. At the same time, it raised its ratings on FleetBoston Financial Corp. (Fleet), including raising the counterparty credit ratings to 'A+/A-1' from 'A/A-1', and removed them from CreditWatch where they were placed on Oct. 27, 2003. The counterparty credit ratings on Fleet's top-tier holding company are subsequently withdrawn. Fleet's ratings upgrade follows its acquisition by higher-rated BoA. Fleet's top-tier holding company has been merged into, and its outstanding debt has been assumed by, BoA. Fleet will benefit from the substantial financial and managerial resources available...
Companies mentioned in this report are: Bank of America Corp.,FleetBoston Financial Corp.
Action: Affirmed
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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