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Bear Stearns Financial Products Inc. ?AAA? Issuer Credit Rating Placed On CreditWatch Negative May 09
Standard & Poors, May 2009
Abstract
NEW YORK (Standard & Poor's) May 14, 2009--Standard & Poor's Ratings Services today placed its 'AAA' issuer credit rating on Bear Stearns Financial Products Inc. (BSFP) on CreditWatch with negative implications. BSFP is a derivative product company (DPC) whose primary business is to intermediate interest rate and foreign exchange rate derivatives transactions (swaps) between its sponsor bank (currently, JPMorgan Chase & Co.) and derivative counterparties. Today's rating action reflects a possible merger between BSFP and JPMorgan Chase Bank N.A. (JPMCB), as well as the potential lowering of our rating on BSFP once the merger is completed. In September 2008, JPMorgan Chase & Co. stepped in to guarantee Bear Stearns Capital Markets' (BSCM) obligation to BSFP with respect to the back-to-back...
Companies mentioned in this report are: Bear Stearns Financial Products Inc.,Bear Stearns Cos. LLC,JPMorgan Chase Bank N.A.,JPMorgan Chase & Co.
Action: On CreditWatch:Negative
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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