BULLETIN: Bank of America Corp. Ratings Unaffected By Announcement Of Financial Restatements Feb 06
- ID: 1791522
- February 2006
- Region: America, United States
- Standard & Poors
NEW YORK (Standard & Poor's) Feb. 22, 2006--Standard & Poor's Ratings Services said today that its ratings on Bank of America Corp. (BoA; AA-/Stable/A-1+) and its affiliates were unaffected by the company's announcement today that it will restate its financial statements for 2002 through 2005. The restatement addresses BoA's accounting treatment of certain derivative transactions used as hedges principally against fluctuations in interest rates and foreign currency values that did not qualify for hedge accounting under the "short-cut" method of SFAS 133. In addition, the company determined that there were material weaknesses in internal controls over financial reporting related to hedge accounting under SFAS 133 that were subsequently remedied. BoA's cash flow and the economics of the related transactions are...
Companies mentioned in this report are:
- Bank of America Corp.
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