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Research Update: JPMorgan Chase & Co. Downgraded To 'A' From 'A+'; Subsidiary Downgraded To 'A+' From 'AA-' Nov 11
Description:
Abstract
Following a review of JPMorgan Chase & Co. (JPM) under Standard & Poor's Ratings Services' revised bank criteria (published Nov. 9,, 2011), we have lowered our issuer credit rating on JPM to 'A/A-1' from 'A+/A-1', and our issuer credit rating on its operating subsidiary, JPMorgan Chase Bank N.A., to 'A+/A-1' from 'AA-/A-1+'. The outlook on both entities is stable. Our ratings on JPM reflect its very strong business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity compared with global peers with the same industry and economic risk scores. Our issuer credit rating on JPM receives one notch of uplift, reflecting JPM's high systemic importance in the U.S. and our assessment of the U.S. government as...
Action: Downgraded
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Following a review of JPMorgan Chase & Co. (JPM) under Standard & Poor's Ratings Services' revised bank criteria (published Nov. 9,, 2011), we have lowered our issuer credit rating on JPM to 'A/A-1' from 'A+/A-1', and our issuer credit rating on its operating subsidiary, JPMorgan Chase Bank N.A., to 'A+/A-1' from 'AA-/A-1+'. The outlook on both entities is stable. Our ratings on JPM reflect its very strong business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity compared with global peers with the same industry and economic risk scores. Our issuer credit rating on JPM receives one notch of uplift, reflecting JPM's high systemic importance in the U.S. and our assessment of the U.S. government as...
Action: Downgraded
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Companies Mentioned
- JPMorgan Chase & Co.
- Bear Stearns Cos. LLC
- JPMorgan Chase Bank N.A.
- Chase Bank U.S. N.A.
- Bank One Australia Ltd.
- J.P. Morgan Clearing Corp.
- Chase Capital II
- First Chicago NBD Capital Trust I
- Chase Capital III
- Bear Stearns Bank PLC
- Bear Stearns Capital Trust III
- Bear Stearns Global Asset Holdings Ltd.
- JPMorgan Securities PLC
- Bank One Capital III
- Chase Capital VI
- JPMorgan Chase Capital X
- JPMorgan Chase Capital XI
- JPMorgan Chase Capital XII
- JPMorgan Chase Capital XIII
- JPMorgan Chase Bank, N.A., (London Branch)
- Banco JPMorgan S.A.
- JPMorgan International Derivatives Ltd.
- JPMorgan Chase Capital XIV
- JPMorgan Chase Capital XVI
- JPMorgan Chase Capital XIX
- JPMorgan Chase Capital XXI
- JPMorgan Chase Capital XXIII
- JPMorgan Chase Capital XXIV
- Bear Stearns Caribbean Asset Holdings Ltd.
- JPMorgan Chase Capital XXV
- JPMorgan Chase Capital XXVI
- JPMorgan Chase Capital XXVII
- JPMorgan Chase Capital XXVIII
- JPMorgan Chase Capital XXIX
- J.P. Morgan Structured Products B.V.
- JPMorgan Securities LLC
- Bear Stearns Cos. LLC
- JPMorgan Chase Bank N.A.
- Chase Bank U.S. N.A.
- Bank One Australia Ltd.
- J.P. Morgan Clearing Corp.
- Chase Capital II
- First Chicago NBD Capital Trust I
- Chase Capital III
- Bear Stearns Bank PLC
- Bear Stearns Capital Trust III
- Bear Stearns Global Asset Holdings Ltd.
- JPMorgan Securities PLC
- Bank One Capital III
- Chase Capital VI
- JPMorgan Chase Capital X
- JPMorgan Chase Capital XI
- JPMorgan Chase Capital XII
- JPMorgan Chase Capital XIII
- JPMorgan Chase Bank, N.A., (London Branch)
- Banco JPMorgan S.A.
- JPMorgan International Derivatives Ltd.
- JPMorgan Chase Capital XIV
- JPMorgan Chase Capital XVI
- JPMorgan Chase Capital XIX
- JPMorgan Chase Capital XXI
- JPMorgan Chase Capital XXIII
- JPMorgan Chase Capital XXIV
- Bear Stearns Caribbean Asset Holdings Ltd.
- JPMorgan Chase Capital XXV
- JPMorgan Chase Capital XXVI
- JPMorgan Chase Capital XXVII
- JPMorgan Chase Capital XXVIII
- JPMorgan Chase Capital XXIX
- J.P. Morgan Structured Products B.V.
- JPMorgan Securities LLC
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