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Bulletin: Bank of America Corp. Ratings Unaffected By Announcement Of Second-Quarter 2009 Earnings Jul 09
Standard & Poors, July 2009
Abstract
NEW YORK (Standard & Poor's) July 17, 2009--Standard & Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; A/Stable/A-1, holding company) are not affected by the company's just-announced second-quarter 2009 earnings. BofA's adjusted pretax earnings of about $600 million represented a quarter-over-quarter improvement, but also reflect ongoing pressures on profitability. The $600 million figure reverses the net effects of certain one-time items, including pretax gains of $9.1 billion associated with the partial sale if BofA's investment in China Construction Bank and the sale of its merchant processing business into a joint venture. Partially offsetting these gains were a series of valuation, fair value, and market disruption charges totaling $7.3 billion. As in first-quarter 2009, the...
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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