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Research Update: J.P. Morgan Chase & Co. Sep 02 Product Image

Research Update: J.P. Morgan Chase & Co. Sep 02

  • ID: 2042044
  • September 2002
  • Standard & Poors

FEATURED COMPANIES

  • Chase Bank U.S. N.A.
  • Enron Corp.
  • JPMorgan Chase & Co.
  • JPMorgan Chase Bank N.A.
  • MORE

Abstract
On Sept. 17, 2002, Standard & Poor's Ratings Services lowered its ratings on J.P. Morgan Chase & Co. (JPM) and its units and removed them from CreditWatch, where they were placed on Aug. 15, 2002. The outlook is negative. As it made clear in its recent announcement, JPM's performance will be considerably below Standard & Poor's expectations at the start of the year on several fronts. The deterioration in loan quality (a 20% increase in nonperforming assets was announced for the third quarter) and therefore credit costs for 2002 will grow at least double the expected rate of around 20% from 2001. Investment banking revenues, like those of rival firms, are weakening, dashing hopes of a recovery toward year end....

Companies mentioned in this report are:
- JPMorgan Chase & Co.
- JPMorgan Chase Bank N.A.
- Enron Corp.
- Chase Bank U.S. N.A.

Action: Downgraded, Off CreditWatch

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 READ MORE >

- JPMorgan Chase & Co.
- JPMorgan Chase Bank N.A.
- Enron Corp.
- Chase Bank U.S. N.A.

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