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 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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases. SHOW LESS READ MORE >