S&P: Bank of America unchanged

Standard & Poor's said its ratings on Bank of America Corp. (AA/stable/A-1+) will not be affected by the announcement that it will record several charges in the fourth quarter related to asset and performance deterioration in several areas.

The agency said that Bank of America will record a $3.3 billion provision, including a $1.3 billion incremental increase in reserves, adding that about one-third of the $1.3 billion is attributable to growth and seasoning and two-thirds to deterioration in consumer real estate and, to a lesser degree, small business lending.

The company also disclosed that valuation charges associated with its CDO investments will be greater than the $3 billion estimate provided last month, S&P noted.

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