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Bank of America Corp. Outlook Revised To Negative; Related Ratings Affirmed Jun 08
Standard & Poors, June 2008
Abstract
NEW YORK (Standard & Poor's) June 2, 2008--Standard & Poor's Ratings Services said today that it revised its outlook on Bank of America Corp. and units to negative from stable. Standard & Poor's also said that it affirmed its 'AA/A-1+' credit rating on Bank of America Corp. and its ratings on Bank of America's units. 'We revised the outlook within the context of a broader sector review,' explained Standard & Poor's credit analyst John K. Bartko. 'The rating action reflects our concern regarding the weak U.S. economy and its impact on consumer lending.' Bank of America's footprint mirrors that of U.S. demographics. The consumer business, primarily in the form of credit cards and mortgage lending, constituted approximately 60% of the...
Companies mentioned in this report are: Bank of America Corp.
Action: Affirmed
Action: Outlook: 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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