S&P: Bank of America unaffected by earnings

Standard & Poor's said its ratings on Bank of America Corp. are not immediately affected by the company's relatively weak third-quarter results, in light of the current operating conditions.

S&P said its outlook on Bank of America is negative.

The agency continues to evaluate the potential impact of all aspects of regulatory reform, European sovereign and bank crises and the risk of contagion, the increasing potential for a U.S. recession and its impact on confidence-sensitive financial institutions, as well as its view of government support and Bank of America's stand-alone credit profile.

In particular, S&P said it is focused on Bank of America's representation and warranty, legal, and other mortgage exposures. These issues may continue to contribute to earnings and capital volatility, the agency said.

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