In Brief: BankAmerica Receives A-Plus on Eurobonds

Duff & Phelps Credit Rating Co. has assigned a rating of A- plus to BankAmerica Corp.'s $500 million of floating-rate Eurobonds.

BankAmerica's rating reflects the continued trend of solid core profitability and an improving balance sheet, Duff said. The rating agency said BankAmerica possesses an enviable group of businesses that include a strong consumer and middle-market banking franchise throughout California and the Pacific Northwest, and an expanded commercial banking presence domestically and internationally.

In the past, earnings volatility was the direct result of credit charges caused by deterioration in asset quality.

While asset quality measures have improved dramatically from the early 1990s, the company has also developed an extensive credit risk-management process. These safeguards provide comfort that problem asset levels should remain manageable throughout all phases of the credit cycle, Duff said.

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