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S&P Credit Research659 word report
published Jul 17, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) July 17, 2009--Standard&Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; A/Stable/A-1, holding company) are not affected by the company's just-announced second-quarter 2009 earnings. BofA's adjusted pretax earnings of about $600 million represented a quarter-over-quarter improvement, but also reflect ongoing pressures on profitability. The $600 million figure reverses the net effects of certain one-time items, including pretax gains of $9.1 billion associated with the partial sale if BofA's investment in China Construction Bank and the sale of its merchant processing business into a joint venture. Partially offsetting these gains were a series of valuation, fair value, and market disruption charges totaling $7.3 billion. As in first-quarter 2009, the
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Bank of America Corp. Ratings Unaffected By Announcement Of Second-Quarter 2009 Earnings Publication date: 17-Jul-2009 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368;...
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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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