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S&P Credit Research974 word report
published Oct 16, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Oct. 16, 2009--Standard&Poor's Ratings Services said today that its rating on Bank of America Corp. (BAC; A/Stable/A-1, holding company) is not affected by the company's just-announced third-quarter loss. BAC reported a pretax loss of $2.0 billion compared to pretax income of $2.4 billion in the previous quarter. A decline in revenues affected results as average earning assets fell while the margin declined by a modest 3 basis points to 2.61%. Furthermore, mortgage banking results were weaker in the quarter as lower volumes and weaker mortgage servicing rights hedging performance dampened earnings. On the credit front, an $11.7 billion loss provision, compared to $13.4 billion in the previous quarter, included a $2.1 billion reserve
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Bank of America Corp. Rating Unaffected By Third-Quarter Loss Publication date: 16-Oct-2009 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368; john_bartko@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | BAC
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| Issuer: | Bank of America Corp.
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| GICS: | Other Diversified Financial Services (40201020)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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