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Bulletin: Bank of America Corp. Rating Unaffected By Fourth-Quarter Results Jan 11
Standard & Poors, Jan 2011
Abstract
NEW YORK (Standard & Poor's) Jan. 21, 2011--Standard & Poor's Ratings Services said today that its rating on Bank of America Corp. (BofA; A/Negative/A-1, holding company) is not immediately affected by its relatively weak fourth-quarter results. BofA had an adjusted pretax loss (fully taxable-equivalent basis) of $425 million, compared with a profit of $5.0 billion in the previous quarter. Adjusted revenue declined 13.3% to $23.5 billion. Sales and trading revenue was down 43%, reflecting diminished client activity and European debt deterioration, while mortgage-banking revenues declined due to a $4.1 billion provision (a contra-revenue item) on representation and warranty claims, $3.0 billion of which related to recently announced government-sponsored entity (GSE) settlements. We view favorably the recent settlement addressing the majority...
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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