Business Services Industry
USA: MOODY'S AFFIRMS JPM RATINGS (SNR AA2) AFTER BEAR ANNOUNCEMENT.
IPR Strategic Business Information Database, March, 2008
Moody's Investors Service affirmed its rating on JPMorgan Chase & Co (senior at Aa2), and its subsidiaries, including its lead bank, JPMorgan Chase Bank N.A. (financial strength at B , and long-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 a very 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-recourse basis to JPM, up to $30 billion of BSC's less liquid assets. Effective immediately, JPM is guaranteeing the trading obligations of BSC and is providing management oversight of BSC's...
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