Bulletin: Bank of America Corp. Rating Unaffected By First-Quarter Results Apr 10
- ID: 1791546
- April 2010
- Region: America, United States
- Standard & Poors
NEW YORK (Standard & Poor's) April 16, 2010--Standard & Poor's Ratings Services said today that its rating on Bank of America Corp. (BofA; A/Negative/A-1, holding company) was not affected by the company's improved, though still-muted first-quarter results. BofA generated about $3.2 billion in net income, representing a significant turnaround from the $194 million loss reported in the fourth quarter. Revenues climbed about $4.0 billion sequentially (with fourth-quarter managed revenues restated to reflect adoption of SFAS 166) owing to very strong results in sales and trading revenues. We do not believe that the level of sales and trading revenues industry-wide is sustainable through the full year. The loan portfolio contracted $27 billion, while after adjusting for the implementation of SFAS 166/167,...
Companies mentioned in this report are:
- Bank of America Corp.
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