What a day for Ken Lewis & Co.! First, one of the savviest hedge fund managers out there gives BofA a big thumbs up (take that, Steve Cohen and Jim Simons). Next, someone we've actually heard of kinda sorta suggested he might take the Worst Job on Wall Street (BofA is, after all, a public company).
Now, the very ratings agency that kneecapped UBS earlier today said it is not quite as pessimistic about BofA.
Moody's Investors Service said that Bank of America doesn't suck quite as much as somepeoplemayhavesuggested, upgrading the outlook on its financial strength regulation. Sure, it upgraded it from the ominous-sounding D to the not-exactly-confidence-inspiring C-minus, but that's better than D, right?
The upgrade reflects Moody's expectations regarding sustained improvement in Bank of America's capital ratios following a significant capital raise earlier this year.
Keep up the good work (for the next six weeks), Ken Lewis.
Moody's upgrades B. of A. unit, outlook stable [MarketWatch]