Fitch raises Bank of America rating |
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Fri, 16 Feb 2007 00:09
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CHICAGO (AP) - Fitch Ratings said Thursday it raised its long-term ratings for Bank of America Corp. and its affiliates, based on the bank's progress in improving its credit risk and its profits.Fitch said it upgraded the ratings to 'AA' from 'AA-' and affirmed its rating outlook as 'Stable.'The ratings service said the ratings boost reflects the bank's global reach, strong performance, good credit risk profile, liquidity and capital position.Fitch also said the company has made some progress in improving its trading profits and reducing some of its higher risk activities, such as Latin America retail banking and private equity operations.Furthermore, the bank has 'virtually completed the integration of the MBNA merger and has experienced gains in both credit card revenues and profits since the date of the merger,' Fitch said.Fitch also on Thursday assigned new ratings to four Bank of America affiliates -- Bank of America California, Bank of America Georgia N.A., Bank of America Oregon and Bank of America Rhode Island. The ratings, Fitch said, are aligned with all of Bank of America's subsidiaries.Bank of America shares fell 20 cents to close at $53.85 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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