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Bulletin: Bank of America Corp. Rating Unaffected By First-Quarter Results Apr 10
Standard & Poors, April 2010
Abstract
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.
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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