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Bulletin: JPMorgan Chase & Co. Ratings Unaffected By Good First-Quarter Results Apr 10
Standard & Poors, April 2010
Abstract
NEW YORK (Standard & Poor's) April 14, 2010--Standard & Poor's Ratings Services said today its ratings on JPMorgan Chase & Co. (JPM; A+/Negative/A-1) are not immediately affected by JPM's just-announced good first-quarter earnings. JPM generated $4.5 billion of pretax earnings, up from $3.9 billion in the prior quarter. Exceptionally strong investment banking performance bolstered results, with fixed-income trading revenues (66% of segment revenues in the quarter) up even compared with highly robust year-ago levels. Its retail financial-services business remained modestly unprofitable (pretax loss of $199 million) due to elevated credit costs, including a $1.23 billion increase in the loan-loss allowance related to purchased credit-impaired Washington Mutual mortgage loans. Importantly, charge-offs and delinquency levels at JPM's home-lending portfolios are showing signs...
Companies mentioned in this report are: JPMorgan Chase & Co.
Action: Bulletin
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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