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Research Update: Long Beach Bond Finance Authority 'A' Ratings Placed On CreditWatch Negative On CreditWatch Placement Of Bank Of America May 09 Product Image

Research Update: Long Beach Bond Finance Authority 'A' Ratings Placed On CreditWatch Negative On CreditWatch Placement Of Bank Of America May 09

  • ID: 1791465
  • May 2009
  • Region: America, United States
  • Standard & Poors

Abstract
The ratings on Long Beach Bond Finance Authority's (LBBFA) transaction are currently linked to the rating on Merrill Lynch & Co. Inc. (A/Watch Neg/A-1). We placed the ratings on the LBBFA transaction on CreditWatch with negative implications. The CreditWatch listing on Merrill Lynch is expected to be resolved within 90 days following further assessment of the company's earnings and capitalization under our methodology and criteria. On May 7, 2009, Standard & Poor's Ratings Services placed its 'A' senior secured rating on LBBFA's $635.67 million series 2007A bonds and $251.7 million series 2007B bonds on CreditWatch with negative implications. The rating action follows the May 4, 2009, CreditWatch placement of Bank of America Corp. (BofA; A/Watch Neg/A-1) and its subsidiaries including...

Companies mentioned in this report are:
- Long Beach Bond Finance Authority (Gas Prepay)
- Bank of America Corp.

Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress READ MORE >

- Long Beach Bond Finance Authority (Gas Prepay)
- Bank of America Corp.

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