che notizie avete di questi 2 titoli bancari?

[ecat]

Ho notato questo XS0178866736 BANK OF AMERICA e questo
DE0001848083 COMMERZBANK

Che notizie avete in merito visto che mi sembrano discreti rendimenti?

[cricket72]

ciao
ti allego una informativa DBRS per bank of america
e una informativa di fitch per commerzbank


Bank of America Corporation and Merrill Lynch & Co.
DBRS Places Bank of America UR – Neg. and Merrill Lynch UR – Dev. Following Merger Announcement

Date Of Release: Sep 15, 2008 09:36


DBRS has today placed all ratings of Bank of America Corporation (Bank of America or the Company), its lead bank, Bank of America, N.A., and related entities Under Review with Negative Implications. Bank of America’s Issuer & Senior Debt rating is AA (low).

This rating action follows an announcement by the Company that it has agreed to acquire Merrill Lynch & Co. (Merrill) in an all-stock transaction valued at approximately $50 billion or 1.8 times tangible book value. The transaction is expected to close in the first quarter of 2009. While this acquisition may yield substantial strategic benefits to Bank of America over the long term, it also involves significant risks.

In light of this action, DBRS has today placed all ratings for Merrill and related entities, including Merrill’s Issuer & Senior Debt rating of A (high) and its short-term rating of R-1 (middle), Under Review with Developing Implications.

Bank of America’s Under Review with Negative Implications status reflects the view of DBRS that the risks inherent in the Merrill acquisition make a downgrade possible over the near term, given the pressures from the disruptions in the financial markets. Underpinning Bank of America’s current ratings are its strong franchise and robust recurring earnings power. Bank of America’s strong liquidity from its powerful deposit franchise and its sound capitalization also support its ratings.

By acquiring Merrill, Bank of America is paying a premium over book value to gain a valuable franchise. Merrill’s Global Wealth Management, Investment Banking, Rates and Currencies, Commodities, and Global Markets Financing and Services are all performing well, with several business lines producing record revenues. However, the Company will not likely be able to realize the full benefits of this transaction until financial markets stabilize. DBRS does not expect this recovery to occur in the short term.

At the same time, Merrill’s significant exposure to asset-backed securities, collateralized debt obligations, CVAs to hedges with financial guarantors, residential real estate and leveraged finance entails the risk of potentially large further losses. In addition, Merrill may also face material costs of legal disputes and may be subject to regulatory inquiries that could impact its business.

It is these embedded risks that are likely to generate negative results for Bank of America in the short term. Moreover, DBRS notes that the scale of this integration may be challenging for the Company while still digesting the Countrywide Financial Corporation and Lasalle Bank Corp. acquisitions. The rating action reflects the view of DBRS that the Merrill acquisition poses additional demands on Bank of America’s resources at a time when the Company faces other challenges.




Fitch Places Commerzbank and Dresdner Bank on RWN on Planned Acquisition
02 Sep 2008 8:53 AM (EDT)



Fitch Ratings-London/Frankfurt-02 September 2008: Fitch Ratings has today placed Germany's Commerzbank AG's (Commerzbank) Long-term Issuer Default rating (IDR) of 'A' and Short-term IDR at 'F1' on Rating Watch Negative (RWN). The agency has affirmed Commerzbank's Individual rating at 'B/C', Support rating at '1' and Support Rating Floor at 'A-' (A minus). The Commerzbank subsidiaries' ratings are listed at the end of the release.
At the same time, Dresdner Bank AG's (Dresdner) Long-term IDR of 'A+' and Short-term IDR at 'F1+' have also been placed on RWN. Dresdner's Individual, Support Rating and Support Rating Floor have been affirmed at 'C', '1', and 'A-' (A minus).

The RWN follows Commerzbank's announced acquisition of Dresdner on 1 September 2008.

"Whilst Fitch recognises the upside potential for the combined entity resulting from a strengthened franchise in the German Mittelstand, corporate and retail segments, the agency considers the merger execution risk as material," says Michael Steinbarth, Director in Fitch's Financial Institutions Group, London. "Although Commerzbank has already demonstrated its ability to integrate EUROHYPO AG, the integration of Dresdner may prove more challenging, given its size and the tougher operating conditions in recent months."

The RWN on Commerzbank's Long-term and Short-term IDRs reflects the significant execution risk inherent in a large integration, the challenges in achieving stated cost and revenue synergies in a difficult operating environment and what Fitch considers to be the inherent uncertainties over the future performance of the higher risk portfolios held by Dresdner. The latter is mitigated by the creation of a risk shelter of around EUR1.2bn. The agency expects to resolve the RWN on Commerzbank's Long-term and Short-term IDRs when the benefits of the integration, de-risking and right-sizing of the Dresdner's investment banking activities, and the realisation of synergies become evident.

For Dresdner, the announced change in ownership means the bank will no longer benefit from the extremely high probability of support from the 'AA-' (AA minus) rated Allianz SE, Germany's largest insurance group, as soon as the ownership of the majority stake will be transferred to Commerzbank. The RWN will be resolved upon formal completion of the first step of its acquisition by Commerzbank. Dresdner's future Long-term and Short-term IDRs will be based on probable support available from Commerzbank, should it be needed.

Rating actions on Commerzbank subsidiaries are listed below:

EUROHYPO AG:
Long-Term IDR of 'A' and Short-term IDR of 'F1' placed on RWN;
Individual 'B/C' and Support '1' Affirmed;

The ratings of EUROHYPO AG's mortgage and public sector Pfandbriefe are unaffected by the rating action taken today.

BRE Bank:
Long-term IDR of 'A-' (A minus) placed on RWN;
The Short-term 'F2', Individual 'C/D' and Support '1' Affirmed;

BRE Leasing
Long-term IDR of 'A-' (A minus) placed on RWN;
The Short-term 'F2', and Support '1'. Affirmed;

Bank Forum
Long-term foreign currency IDR 'BB-' (BB minus), Long-term local currency IDR 'BB', Short-term IDR 'B', Individual rating 'D/E', Support '3', National Long-term rating 'AAA'(UKR) have been Affirmed.
Both Long-term IDRs are on Stable Outlook.