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Bank Of America Corp. Ratings Affirmed; MBNA On CreditWatch Positive After Merger Announcement Jun 05
Standard & Poors, June 2005
Abstract
NEW YORK (Standard & Poor's) June 30, 2005--Standard & Poor's Ratings Services said today that it affirmed its ratings on Bank of America Corp. (BoA) and its affiliates, including the 'AA-/A-1+' counterparty credit ratings on BoA, and, at the same time, placed its ratings on MBNA Corp. and its affiliate, MBNA America Bank N.A., including the 'BBB' long-term counterparty credit ratings on MBNA Corp., on CreditWatch with positive implications. The rating actions follow the announcement that BoA is purchasing MBNA, the premier monoline credit card company, known for its affinity marketing strategy. The transaction will more than triple BoA's portfolio and make it the leading credit card issuer in the country, with more than $165 billion of managed receivables. In...
Companies mentioned in this report are: Bank of America Corp.,FIA Card Services NA,MBNA Corp.
Action: Affirmed
Action: Outlook: Stable
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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