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BULLETIN: J.P. Morgan Ratings Not Affected By WorldCom Settlement Mar 05
Standard & Poors, March 2005
Abstract
NEW YORK (Standard & Poor's) March 17, 2005--Standard & Poor's Ratings Services said today that J. P. Morgan Chase & Co.'s (JPM; A+/Stable/A-1) agreement to settle class action lawsuits related to WorldCom does not have an impact on its ratings or stable outlook on JPM. The total settlement is $2 billion. JPM expects to take a charge of $900 million ($560 million after tax) in first-quarter 2005. The settlement, which is not wholly unexpected given recent developments in the WorldCom saga, will not have a material impact on JPM's profitability and capital position. While the settlement comes at a later stage than those of some of its peers and the costs are higher than anticipated, it does put the WorldCom...
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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