Bank of America Corp
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Financials : Banks | Large Cap ValueCompany profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

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UPDATE: Altria's credit rating cut 2 notches at S&P as a result of Juul, Cronos investments

10:02 am ET December 20, 2018 (MarketWatch)

Atria Group Inc. (MO) credit rating was slashed by two notches to BBB from A- at S&P Global Ratings, following the cigarette maker's recent announcements of a $12.8 billion investment ( in e-cigarette startup Juul Labs Inc. and a $1.8 billion investment ( in cannabis company Cronos Group Inc. (CRON.T). Altria's stock slipped 0.8% in premarket trade. That leaves Altria's credit rating just two notches above junk status. S&P said the rating outlook is stable. "We do not believe Juul or Cronos will provide significant near-term investment returns to Altria," S&P said in a statement. "Given Altria's track record of high shareholder returns, we do not expect the company to deleverage meaningfully from pro forma levels in the next few years." S&P said its downgrade also reflects growing uncertainty over how the Food and Drug Administration and state regulators could affect tobacco and non-tobacco product. Altria shares have dropped 28% year to date through Wednesday, while the S&P 500 has declined 6.2%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

December 20, 2018 10:02 ET (15:02 GMT)

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