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Bulletin: Bank of America Corp. Acquisition Of Part Of ABN AMRO Will Not Affect Ratings Apr 07
Standard & Poors, April 2007
Abstract
NEW YORK (Standard & Poor's) April 23, 2007-Standard & Poor's Ratings Services said today that Bank of America Corp.'s (BOA; AA/Stable/A-1+) announcement that it will acquire ABN AMRO North America Holding Co., parent of LaSalle Bank Corp. (A+/Watch Pos/A-1) and its subsidiaries, will have no effect on the ratings on BOA. The financing of the deal increases balance-sheet leverage, underscoring our opinion that capital is not a strength for BOA, and that BOA's capital strategy is a ratings constraint. We previously stated that upward rating considerations would be largely contingent on capital levels and a long-term commitment to stronger capital, as other metrics could generally support a 'AAA' bank-level rating. These concerns and the impact of the LaSalle transaction on...
Companies mentioned in this report are: Bank of America Corp.,LaSalle Bank Corporation,ABN AMRO North America Holding Co.
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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