S&P concerned BofA credit losses may stay high

Bank of America's credit losses may remain at high levels for the rest of this year, warned credit rating agency Standard & Poor's on Tuesday.

The agency also remains "unconvinced" of a turn in the cycle for U.S. banks, S&P analysts said in a conference call.

Earlier on Tuesday, S&P revised its rating outlooks on Bank of America Corp (BAC.N) and Citigroup Inc (C.N) to negative from stable, saying there is uncertainty that the government will provide more extraordinary support that benefits debt holders.

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- Posted: 2010-02-09 11:10:04

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