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S&P Credit Research775 word report
published Apr 21, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) April 21, 2009--Standard&Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; A/Negative/A-1) would not be affected by the company's announced first-quarter earnings results. BofA's earnings improved compared with its weak fourth-quarter 2008 results, though much of the improvement was from one-time items and trading results. Reported pretax income for first-quarter 2009 was $5.6 billion, compared with a loss of $3.5 billion in fourth–quarter 2008. One-time adjustments in the first quarter totaled about $3.9 billion in net gains versus $4.8 billion in net charges in the previous quarter. After accounting for these adjustments, core pretax income (including the trading income) increased by about $500 million to about $1.8 billion.
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Bank of America Corp. Ratings Not Affected By Improved First-Quarter Results Publication date: 21-Apr-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: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Financial Institutions, Global Issuers, Insurance, Public Finance, Residential MBS, 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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We believe that Bank of America may need to rebuild its capitalization given our expectation for credit losses. We are placing our ratings on Bank of America on CreditWatch with negative implications. At the same time, we are lowering our rating ...
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Standard&Poor's Ratings Services' ratings on Bank of America Corp. (BofA) are based on its success in creating what we believe is the first true U.S. nationwide banking franchise and in converting this competitive advantage into improved financial ...
