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BULLETIN: J.P. Morgan Chase & Co.'s Exposures to Enron Corp. Dec 01
Standard & Poors, Dec 2001
Abstract
NEW YORK (Standard & Poor's) Dec. 20, 2001-Standard & Poor's said that the new disclosures today by J.P. Morgan Chase & Co. (Chase, AA-/Stable/A-1+) about its Enron Corp.-related exposures do not affect Standard & Poor's ratings on Chase. The recent news that guarantees in the form of surety bonds backing a large portion of Chase's Enron trading exposure may be in question increases the risk of potential losses that may ultimately derive from that exposure. Earlier, Standard & Poor's had presumed that Chase's $1.13 billion of secured exposure was relatively low risk, but today's news of a commercial dispute may heighten the risk of that exposure. The additional losses that might occur can easily be absorbed given the bank's broad...
Companies mentioned in this report are: JPMorgan Chase & Co.,Enron Corp.
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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