Research Update: JPMorgan Chase & Co. Unsecured Cut To 'A+'; JPMorgan Chase Bank N.A. Downgraded To 'AA-' Dec 08

Standard & Poors, December 2008

Abstract
On Dec. 19, 2008, Standard & Poor's Ratings Services lowered its senior unsecured debt ratings on JPMorgan Chase & Co. (JPM) and units to 'A+' from 'AA-'. We also lowered the long-term counterparty credit rating on JPMorgan Chase Bank N.A. to 'AA-' from 'AA' and affirmed the 'A-1+' short-term counterparty credit rating. The commercial paper rating on JPM was lowered to 'A-1' from 'A-1+'. The outlook is negative. The rating actions on JPM reflect our more negative view of the level of risk associated with the range of activities pursued by major financial institutions. (See Standard & Poor's "Twelve Major U.S. And European Financial Institutions Have Ratings Lowered, Outlooks Revised," published earlier today.) The market downturn has affected institutions differently,...

Action: Affirmed
Action: Downgraded
Action: Outlook: 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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- JPMorgan Chase & Co.
- Bear Stearns Cos. LLC
- JPMorgan Chase Bank N.A.
- Chase Bank U.S. N.A.
- JPMorgan Australia Ltd.
- Bank One Australia Ltd.
- J.P. Morgan Clearing Corp.
- Chase Capital II
- First Chicago NBD Capital Trust I
- Chase Capital III
- Bear Stearns Bank PLC
- Bear Stearns Capital Trust III
- Bear Stearns Global Asset Holdings Ltd.
- JPMorgan Securities PLC
- Bank One Capital III
- Chase Capital VI
- JPMorgan Chase Capital X
- JPMorgan Chase Capital XI
- JPMorgan Chase Capital XII
- JPMorgan Chase Capital XIII
- JPMorgan Chase Bank, N.A., (London Branch)
- JPMorgan International Derivatives Ltd.
- JPMorgan Chase Capital XIV
- JPMorgan Chase Capital XVI
- JPMorgan Chase Capital XIX
- JPMorgan Chase Capital XXI
- JPMorgan Chase Capital XXIII
- Bear Stearns Caribbean Asset Holdings Ltd.
- JPMorgan Chase Capital XXV
- JPMorgan Chase Capital XXVI
- JPMorgan Chase Capital XXIV

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