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BA Australia Ltd. Nov 01
Standard & Poors, Nov 2001
Abstract
The counterparty credit ratings on BA Australia Ltd. (BA) reflect the guarantee and 100% ownership by, and strong integration with, U.S.-based Bank of America N.A. (BANA, AA-/Stable/A-1+). BANA's general guarantee of its Australian subsidiary is broad in coverage, unlimited in amount, and offers the protection of an independent trustee. Legal opinion confirms that the guarantee represents a valid and legally binding obligation on the guarantor. BANA is headquartered in Charlotte, North Carolina, U.S., and is the major subsidiary of Bank of America Corp. (BAC, A+/Stable/A-1), the holding company of the group and the second-largest banking organisation in the U.S. BAC has a premier, coast-to-coast consumer and commercial banking franchise, which is complemented by corporate and investment banking businesses that operate...
Action: Review
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: Full Analysis
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