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Bear Stearns Financial Products Inc. Issuer Credit Rating Lowered And Then Withdrawn May 09
Standard & Poors, May 2009
Abstract
NEW YORK (Standard & Poor's) May 28, 2009--Standard & Poor's Ratings Services today lowered its issuer credit rating on Bear Stearns Financial Products Inc. (BSFP) and removed the rating from CreditWatch with negative implications, where it was placed May 14, 2009. The outlook on BSFP was negative. Standard & Poor's then withdrew the rating at JPMorgan Chase Bank N.A.'s (JPMCB's) request after BSFP merged with and into JPMCB and ceased its operations (see list). The lowered rating reflects the May 26, 2009, merger of BSFP with and into JPMCB, at which time BSFP ceased its operations. The lowered rating also reflects the fact that JPMCB, the surviving company as a result of the merger, will now be responsible for all...
Companies mentioned in this report are: JPMorgan Chase Bank N.A.,JPMorgan Chase & Co.,Bear Stearns Financial Products Inc.
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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