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BULLETIN: Bank of America Corp. Ratings Unaffected By Announcement Of Financial Restatements Feb 06
Standard & Poors, Feb 2006
Abstract
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.
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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