Research Update: J.P. Morgan Chase & Co. Sep 02
- ID: 2042044
- September 2002
- Standard & Poors
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 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. SHOW LESS READ MORE >