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Bulletin: JPMorgan Chase & Co. Rating Unaffected By Weak Fourth-Quarter Results Jan 09
Standard & Poors, Jan 2009
Abstract
NEW YORK (Standard & Poor's) Jan. 15, 2009--Standard & Poor's Ratings Services said today that its ratings on JPMorgan Chase & Co. (JPM, holding company; A+/Negative/A-1) would not be affected by the company's just-announced weak fourth-quarter results. Results were broadly in line with the assumptions we had made when we lowered the ratings on Dec. 19, 2008. JPM continues to outperform the majority of its peers among large banks, amid extremely difficult market conditions. JPM reported net income of $702 million, but the company would have generated a moderate loss without nonrecurring gains from purchase accounting adjustments related to the Washington Mutual transaction ($1.1 billion after tax) and from the dissolution of its Paymentech joint venture ($627 million after tax),...
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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