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BULLETIN: Market Concerns About Liquidity at J.P. Morgan Chase & Co. Unfounded Jul 02
Standard & Poors, July 2002
Abstract
Standard & Poor's Ratings Services said today that it believes market concerns about the liquidity position of J.P. Morgan Chase & Co. (JPM, rated AA-/Negative/A-1+), evidenced by steep declines in its stock price and rumors, to be unfounded. JPM is not currently having any difficulties meeting obligations or accessing capital markets. Cash and liquid assets at the holding company exceed the amount of debt maturing over 12 months (including $14.9 billion of CP and $6.6 billion of term debt) by $1 billion. In addition, the bank subsidiaries have more than $2 billion of dividending capacity. There are no stock price triggers in any debt covenants that would accelerate the need for funds. The markets appear to be fearful about the...
Companies mentioned in this report are: JPMorgan Chase & Co.
Action: S&P Event
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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