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Bulletin: Bank of America Corp. Rating Unaffected By Announced Agreement Sep 08
Standard & Poors, Sep 2008
Abstract
NEW YORK (Standard & Poor's) Sept. 11, 2008-Standard & Poor's Ratings Services said today that there are no ratings implications for Bank of America Corp. (AA/Negative/A-1+) following the company's announced agreement in principle with the Massachusetts Securities Division under which it will offer to purchase at par auction rate securities held by its retail customers. The company estimates a $275 million pretax charge associated with the agreement, which is immaterial to its quarterly earnings run rate and its capital base. Regarding anticipated government-sponsored entity (GSE)-related charges, the company has not announced a material charge from its GSE exposures....
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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