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Bulletin: Bank of America Corp. Rating Unaffected By Third-Quarter Results Oct 10
Standard & Poors, Oct 2010
Abstract
NEW YORK (Standard & Poor's) Oct. 19, 2010--Standard & Poor's Ratings Services said today that its rating on Bank of America Corp. (BofA; A/Negative/A-1, holding company) is not immediately affected by the company's relatively good third-quarter results, which were consistent with our expectations given the context of the current operating environment. BofA generated S&P adjusted pretax earnings (fully taxable equivalent basis) of $5.0 billion, compared with $2.1 billion in the previous quarter. Driving the improvement were various factors, including greater reserve release, lower expenses, and stronger trading and mortgage banking revenues, partially offset by equity investment income. Credit trends continue to improve across asset types, particularly domestic credit card, small business, and consumer lending, resulting in a decline in provisioning...
Companies mentioned in this report are: Bank of America Corp.
Action: Bulletin
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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