Summary: Bank of America Corp. Feb 07
Standard & Poors, February 2007
Abstract
Standard & Poor's Ratings Services' ratings are based on Bank of America's (BofA) success in creating the first true nationwide banking franchise and in converting this competitive advantage into improved financial performance. A key strength for BofA is its retail network of approximately 5,800 branches, an unrivaled distribution network from which it gathers stable and inexpensive core deposit funding. The April 2004 acquisition of FleetBoston materially improved BofA's profile by improving product, revenue, and geographic diversity. In January 2006, BofA acquired MBNA Corp. This acquisition enhanced earnings, provided for economies of scale in BofA's card business, and added a population of high-quality consumer customers to BofA's franchise. Profitability measures have moved in line with those of other large complex banks,...
Companies mentioned in this report are: Bank of America Corp.,Banc of America Securities LLC
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Bank of America Corp.,Banc of America Securities LLC
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