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Bulletin: JPMorgan Chase & Co. Rating Unaffected By Fair First-Quarter Results Apr 09
Standard & Poors, April 2009
Abstract
NEW YORK (Standard & Poor's) April 16, 2009--Standard & Poor's Ratings Services said today that its rating on JPMorgan Chase & Co. (JPM; A+/Negative/A-1) is not affected by the company's just-announced first-quarter earnings. JPM's earnings improved from the weak fourth-quarter 2008 (reported net income of $2.1 billion, compared to $702 million), but were still subpar by historical standards. Overall performance was buoyed by exceptionally strong fixed-income trading results (reflecting highly favorable market conditions in interest rate, currency, and commodity products sector-wide), more than offsetting some additional mark-downs on legacy leveraged lending and mortgage-related positions. However, as had been anticipated, JPM's core consumer and commercial banking operations suffered from deteriorating credit performance, as reflected in higher charge-offs and nonperforming loans (NPLs)...
Companies mentioned in this report are: 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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