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Bank Of America Corp. Upgraded To 'AA/A-1+', Removed From CreditWatch; Outlook Stable Feb 07
Standard & Poors, Feb 2007
Abstract
NEW YORK (Standard & Poor's) Feb. 14, 2007--Standard & Poor's Ratings Services said today that it raised its ratings on Bank of America Corp. (BofA) and those on its subsidiaries, including raising the counterparty credit rating on BofA to 'AA/A-1+' from 'AA-/A-1+'. At the same time, the ratings were removed from CreditWatch with positive implications where they were placed on Nov. 1, 2006. The outlook is stable. 'The ratings are based on BofA's success in creating the first true nationwide banking franchise and in converting this competitive advantage into improved financial performance,' said Standard & Poor's credit analyst John K. Bartko, C.P.A. A key strength for BofA resides in its retail branch network of approximately 5,800 branches, an unrivaled distribution...
Companies mentioned in this report are: Bank of America Corp.
Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded
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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