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Bulletin: Bank of America Corp. Rating Unaffected By Second-Quarter Results Jul 10
Standard & Poors, July 2010
Abstract
NEW YORK (Standard & Poor's) July 16, 2010--Standard & Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; A/Negative/A-1, holding company) are not affected by the company's fair second-quarter results, which were consistent with our expectations given the current operating environment. BofA's top-line, S&P-adjusted revenues declined by about 14% sequentially, largely due to a reduction in sales and trading revenue, and margin compression from declining loan balances. Credit costs continue to improve across asset types resulting in a decline in provisioning by $1.7 billion or 17% sequentially. The second quarter represented the second consecutive quarter of reserve releases. Earnings boosted capital levels, which are also being enhanced by the lack of stock buybacks and common...
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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