S&p Raises Bank of America's (BAC) Preferred-Stock Rating
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Standard & Poor's Ratings Services raised its preferred-stock ratings on Bank of America Corp. (NYSE: BAC) to 'BB' from 'B'. The firm also raised their preferred-stock ratings on BofA's bank subsidiaries to 'BB+' from 'B'. All other ratings, including the 'A/A-1' counterparty credit rating, are affirmed. The outlook is stable.
The upgrades follows BAC plan to payback $45 billion in TARP.
"We view the successful implementation and completion of the plan as a significant positive development from a ratings perspective," said Standard & Poor's credit analyst John K. Bartko, C.P.A.
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