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Bulletin: Bank of America Corp. Ratings Not Affected By Improved First-Quarter Results Apr 09
Standard & Poors, April 2009
Abstract
NEW YORK (Standard & Poor's) April 21, 2009--Standard & Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; A/Negative/A-1) would not be affected by the company's announced first-quarter earnings results. BofA's earnings improved compared with its weak fourth-quarter 2008 results, though much of the improvement was from one-time items and trading results. Reported pretax income for first-quarter 2009 was $5.6 billion, compared with a loss of $3.5 billion in fourth-quarter 2008. One-time adjustments in the first quarter totaled about $3.9 billion in net gains versus $4.8 billion in net charges in the previous quarter. After accounting for these adjustments, core pretax income (including the trading income) increased by about $500 million to about $1.8 billion....
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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