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Bulletin: JPMorgan Chase & Co. Rating Unaffected By Very Strong Second-Quarter Results Jul 09
Standard & Poors, July 2009
Abstract
NEW YORK (Standard & Poor's) July 16, 2009--Standard & Poor's Ratings Services said today that its rating on JPMorgan Chase & Co. (JPM; A+/Negative/A-1, holding company) is not affected by the company's just-announced very strong second-quarter earnings. JPM generated pretax earnings of $5.2 billion (adjusting for $1.1 billion of fair-value losses resulting from tightening credit spreads)--its best quarter since 2007. We attribute JPM's impressive performance primarily to surging results at its investment bank ($3.5 billion adjusted pretax earnings), reflecting record underwriting fees and a highly favorable trading environment. Such investment-banking results--which we doubt will be sustainable--offset the effect of deteriorating credit performance at JPM's core consumer and commercial banking operations. These operations suffered from higher charge-offs and nonperforming loans (NPLs)...
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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