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BULLETIN: National City Sale of National Processing to Bank of America Has No Ratings Impact Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 13, 2004--Standard & Poor's Ratings Services said today that the announced sale of National Processing Inc. (83% owned by National City Corp. [A/Stable/A-1]) to Bank of America Corp. (A+/Positive/A-1) would have no ratings implications for either Bank of America or National City. The transaction calls for an all-cash deal in the amount of $1.4 billion. During the past several years, National Processing had provided a relatively modest contribution to National City's net income, ranging between 2% and 4%. It is anticipated that National City will use the proceeds of the sale to fund general operating requirements. For Bank of America, the addition of National Processing expands its merchant customer base and boosts economies of...
Companies mentioned in this report are: National City Corp.,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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