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S&P Credit Research544 word report
published Oct 07, 2008
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Abstract: NEW YORK (Standard&Poor's) Oct. 7, 2008--Standard&Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; AA-/Watch Neg/A-1+) and its subsidiaries are not affected by recent earnings and other announcements. The ratings remain on CreditWatch Negative, where they were placed Sept. 15, 2008, after announcement of BofA's planned Merrill Lynch acquisition. This follows the company's early earnings release, which included positive net income of approximately $1.2 billion. BofA's quarter included continued asset-quality deterioration as charge-offs continued to climb and provisioning remained elevated as reserves were bolstered. The third quarter also included the effects of consolidating Countrywide, which closed on July 1. Countrywide added $259 million to the consolidated bottom line. Along with the
Brief Excerpt: RESEARCH Ratings Definitions Bulletin: Bank of America Corp. Rating Unaffected By Earnings And Other Announcements Publication date: 07-Oct-2008 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368; john_bartko@standardandpoors.com...
Report Type: News
Ticker: BACIssuer: Bank of America Corp.GICS: Other Diversified Financial Services (40201020)Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Financial Institutions, Global Issuers, Insurance, Public Finance, Residential MBS, Structured FinanceCountry: United StatesRegion: United StatesFree Sample: Click
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S&P Credit ResearchS&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.
