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BULLETIN: Bank of America Corp. Unaffected by Parmalat Defaults Dec 03
Standard & Poors, Dec 2003
Abstract
NEW YORK (Standard & Poor's) Dec. 22, 2003--Standard & Poor's Ratings Services said today that the defaults of Parmalat Finanziaria SpA and Parmalat SpA will not have an impact on its ratings and positive outlook on Bank of America Corp. (BoA). BoA's on- and off-balance-sheet exposures to the Parmalat group are significant, but manageable in the context of the bank's earnings power ($12 billion pretax profits in the first nine months of 2003) and capital ($39 billion of tangible common equity as of Sept. 30, 2003). BoA has sufficient financial flexibility to address its exposures without a permanent impairment to its creditworthiness. The timing, however, could pose a distraction to management as it prepares for the FleetBoston acquisition. Given the...
Companies mentioned in this report are: Bank of America Corp.,Parmalat SpA,Parmalat Finanziaria SpA
Action: S&P Event
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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