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Bulletin: Bank of America Corp. Rating Unaffected By Earnings And Other Announcements Oct 08
Standard & Poors, Oct 2008
Abstract
NEW YORK (Standard & Poor's) Oct. 7, 2008--Standard & Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; AA-/Watch Neg/A-1+) and its subsidiaries are not affected by recent earnings and other announcements. The ratings remain on CreditWatch Negative, where they were placed Sept. 15, 2008, after announcement of BofA's planned Merrill Lynch acquisition. This follows the company's early earnings release, which included positive net income of approximately $1.2 billion. BofA's quarter included continued asset-quality deterioration as charge-offs continued to climb and provisioning remained elevated as reserves were bolstered. The third quarter also included the effects of consolidating Countrywide, which closed on July 1. Countrywide added $259 million to the consolidated bottom line. Along with 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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