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Bank of America Corp. Ratings Unaffected By First-Quarter Results Apr 11
Standard & Poors, April 2011
NEW YORK (Standard & Poor's) April 15, 2011--Standard & Poor's Ratings Services said today that its ratings on Bank of America Corp. (BAC; A/Negative/A-1) are not affected by the company's relatively fair first-quarter results, which were slightly worse than we expected. BAC generated $3.6 billion of Standard & Poor's-adjusted pretax earnings, up from a loss of $0.4 billion in fourth-quarter 2010. Lower credit costs and stronger capital-markets performance led to the difference. Quarterly earnings, however, declined from $4.3 billion in the same quarter of the prior year, largely because of lower trading results. The net interest margin (NIM) declined 26 basis points (bps) year-over-year to 2.67% due to the lower asset yields and portfolio run-off. Sequentially, BAC's NIM was flat....
Companies mentioned in this report are: Bank of America Corp.
Action: General Comment
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
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Bank of America Corp.