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Bulletin: Citadel Funds, J.P. Morgan Chase Ratings Unchanged By Amaranth Hedge Fund Transaction Sep 06
Standard & Poors, Sep 2006
Abstract
TORONTO (Standard & Poor's) Sept. 21, 2006--J.P. Morgan Chase & Co. (A+/Positive/A-1) and a fund managed by the Citadel Investment Group LLC have agreed to transfer and jointly manage certain energy assets of Amaranth Advisors after that hedge fund experienced outsized losses on its natural gas positions. Standard & Poor's Ratings Services today said that the transaction would not affect the ratings on either J.P. Morgan Chase, Citadel Kensington Global Strategies Fund Ltd. (BBB/Stable/A-2), or Citadel Wellington LLC (BBB/Stable/A-2). The risks are mitigated by the fact that the transferred positions reflect an embedded risk premium and both companies have the expertise to manage the positions. The acquisition is certainly not material to J.P. Morgan Chase. For Citadel, the total amount...
Companies mentioned in this report are: Citadel Kensington Global Strategies Fund Ltd.,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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