On Nov. 20, 2006, Standard & Poor's Ratings Services placed its ratings on U.S. Trust Corp (U.S. Trust), including its 'A' long-term counterparty credit rating, and those of its subsidiaries on CreditWatch with positive implications. The placement of U.S. Trust's ratings on CreditWatch follows the announcement that U.S. Trust has entered into an agreement to be acquired by the higher-rated Bank of America Corp. The acquisition of U.S. Trust enhances Bank of America's wealth management business, specifically in the high-net-worth area where U.S. Trust maintained a leading position. With $159 billion in assets under administration (AUA) and $94 billion in assets under management (AUM) as of Sept. 30, 2006, U.S. Trust significantly adds to Bank of America's (prepurchase) $236 billion...
Companies mentioned in this report are:
- Bank of America Corp.
- U.S. Trust Co. of New York
Action: On CreditWatch:Positive
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Product Type: Research Update
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