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Bulletin: Bank of America Corp. Ratings Unaffected By Acquisition Of Countrywide Jan 08
Standard & Poors, Jan 2008
Abstract
NEW YORK (Standard & Poor's) Jan. 11, 2008--Standard & Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; AA/Stable/A-1+) will not be affected by the announcement that it has entered into an agreement to acquire Countrywide Financial Corp. (BBB+/Watch Pos/A-2). The acquisition, valued at approximately $4 billion, will make BofA the No. 1 mortgage originator and mortgage servicer, adding to BofA's already impressive stable of consumer business lines, including its No. 1 credit card and retail deposit positions. BofA is currently the fifth-largest mortgage originator and the sixth-largest mortgage servicer. As the mortgage sector recovers, the acquisition of Countrywide will expand BofA's ability to lever the relationship earnings potential of existing and many new customers....
Companies mentioned in this report are: Bank of America Corp.,Countrywide Financial 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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