S&P: Bank of America unchanged

Standard & Poor's said its rating on Bank of America Corp. (A/stable/A-1) was not affected by the company's improved, though still-muted, first-quarter results.

The agency said Bank of America generated about $3.2 billion in net income, representing a significant turnaround from the $194 million loss reported in the fourth quarter, and revenues climbed about $4.0 billion sequentially owing to very strong results in sales and trading revenues.

However, S&P does not believe that the level of sales and trading revenues industry-wide is sustainable through the full year.

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