Business Services Industry
MOODY'S AFFIRMS JPM RATINGS (SNR AA2) AFTER BEAR ANNOUNCEMENT
Info-Prod Research (Middle East), March, 2008
Moody's Investors Service affirmed its ratingon JPMorgan Chase & Co (senior at Aa2), and its subsidiaries, includingits lead bank, JPMorgan Chase Bank N.A. (financial strength at B , andlong-term deposits at Aaa). Moody's affirmation follows the announcement that JPMorgan Chase & Co(JPM) will acquire The Bear Stearns Companies (BSC) for approximately$272 million in an all-stock transaction.
The acquisition price is at avery sharp discount to BSC's reported book value as of November 30, 2007.In addition, the Federal Reserve has agreed to fund, on a non-recoursebasis to JPM, up to $30 billion of BSC's less liquid assets. Effective immediately, JPM is guaranteeing the trading obligations of BSCand is providing management oversight of BSC's operations. Moody's said that the...
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