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Bulletin: Rated Funds May Maintain Overnight Repurchase Agreements With The Bear Stearns Cos. Inc. Mar 08
Standard & Poors, March 2008
Abstract
NEW YORK (Standard & Poor's) March 21, 2008--Standard & Poor's Ratings Services today affirmed its view that overnight repo investments with The Bear Stearns Cos. Inc. (BBB/Watch Dev/A-3) are consistent with our rated fund criteria that look to the creditworthiness of the repo counterparty. The criteria for highly rated funds calls for repo providers to maintain short-term ratings of 'A-1+' or 'A-1' or equivalent credit quality. This is based on JPMorgan Chase & Co.'s (AA-/A-1+/Stable) plans to acquire Bear Stearns, and its guaranty agreement, which unconditionally guaranties the due and punctual payment of all covered liabilities of the covered Bear entities (as defined in the guaranty agreement). Standard & Poor's Principal Stability Fund Ratings (also known as Money Market Fund...
Companies mentioned in this report are: Bear Stearns Cos. LLC,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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