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BULLETIN: SEC Settlements with Bank of America and FleetBoston Mar 04
Standard & Poors, March 2004
Abstract
NEW YORK (Standard & Poor's) March 16, 2004--Standard & Poor's Ratings Services today determined that Bank of America Corp.'s (Bank of America, A+/Positive/A-1) and FleetBoston Financial Corp.'s (FleetBoston, A/Watch Pos/A-1) settlements with the SEC and the New York Attorney General regarding improper mutual fund trading do not have rating implications for either company. In addition, there are no expectations that the settlements will affect the pending merger of Bank of America and FleetBoston. Bank of America's settlement, which consists of fines, restitution, and temporary fee reductions totaling $455 million, seems large because the bank was involved in late trading, an illegal activity, and not just market timing. Nonetheless, Bank of America has strong earnings capacity (pretax operating profits were $3.6...
Companies mentioned in this report are: Bank of America Corp.,FleetBoston 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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