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BA Covered Bond Issuer Ratings Lowered On Three Series; Outlook Remains Negative Feb 12
Standard & Poors, Feb 2012
Abstract
OVERVIEW We lowered our ratings on three BA Covered Bond Issuer series to 'A+ (sf)' from 'AA (sf)'. Today's rating actions follow the downgrade of Bank of America N.A. to 'A', as well as the application of our revised criteria for assessing asset-liability mismatch risk in covered bonds. Our outlook remains negative for each series. NEW YORK (Standard & Poor's) Feb. 2, 2012--Standard & Poor's Ratings Services today lowered its ratings on BA Covered Bond Issuer?s series 2007-1, 2007-2, and 2007-3 of covered bonds to 'A+ (sf)' from 'AA (sf)'. Our outlook remains negative on each series (see list). The downgrades and negative outlooks reflect the recent downgrade and negative outlook of Bank of America N.A., to which the ratings...
Companies mentioned in this report are: BA Covered Bond Issuer
Action: Downgraded
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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