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S&P: Bank of America issues on watch
Standard & Poor's said it placed certain issues of Bank of America NA on CreditWatch with developing implications in anticipation of its sale of First Republic Bank to a number of investors.
The issues with ratings on watch include the BB+ rated $10 million 8¾% preferred stock noncumulative series B, the BB+ rated $60 million 7 ¼% noncumulative perpetual series D, the BB+ rated $55 million 10½% noncumulative preferred stock series A and the A-rated $70 million 7¾% subordinated notes due Sept. 15, 2012.
Pursuant to the sale agreement, upon closing of the transaction, the affected issues will be sold to the new owners, S&P said.
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