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EARNINGS UPDATE: Bank of America Corp. Ratings Unaffected By Fair Fourth-Quarter Results Jan 12
Standard & Poors, January 2012
NEW YORK (Standard & Poor's) Jan. 19, 2012--Standard & Poor's Ratings Services today said its ratings on Bank of America Corp. (BofA; A-/Negative/A-2) are not immediately affected by the company's fair fourth-quarter results, given the challenging operating conditions. Excluding a number of one-time adjustments--such as $5.3 billion in gains on sales of investments and a trust preferred securities exchange--BofA generated Standard & Poor's-adjusted pretax income of $490 million in the fourth quarter, compared with a loss of $425 million the previous year. The fourth-quarter results benefited from $1.1 billion in loan-loss reserve releases, versus $1.7 billion last year. Standard & Poor's adjusted revenue for BofA declined 17.6% year over year, with revenue declines in each of its business lines, with...
Companies mentioned in this report are: Bank of America Corp.
Action: General Comment
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
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Bank of America Corp.