Fitch Downgrades JP Morgan Chase & Co To 'A+'

Business Wire, Sept 17, 2002

Ratings:

JP Morgan Chase & Co.

--Short-Term Debt downgraded to 'F1' from 'F1 ';

--Long-Term Senior Debt downgraded to 'A ' from 'AA-';

--Subordinated Debt downgraded to 'A' from 'A ';

--Preferred downgraded to 'A' from 'A '

--Individual downgraded to 'B/C' from 'B';

--Support affirmed at '5';

--Outlook Negative.

JPMorgan Chase Bank

--Short-Term Deposits affirmed at 'F1 ';

--Short-Term Debt downgraded to 'F1' from 'F1 ';

--Long-Term Deposits downgraded to 'AA-' from 'AA';

--Long-Term Senior Debt downgraded to 'A ' from 'AA-';

--Subordinated downgraded to 'A' from 'A ';

--Individual downgraded to 'B/C' from 'B';

--Support affirmed at '1';

--Outlook Negative.

Chase Manhattan Bank USA, NA

--Short Term Deposits affirmed at 'F1 ';

--Short-Term Debt downgraded to 'F1' from 'F1 ';

--Long-Term Deposits downgraded to 'AA-' from 'AA';

--Long-Term Senior Debt downgraded to 'A ' from 'AA-';

--Subordinated downgraded to 'A' from 'A ';

--Individual downgraded to 'B/C' from 'B';

--Support affirmed at '3';

--Outlook Negative.

Chase Manhattan Bank of Canada

--Short-term Debt downgraded to 'F1' from 'F1 ';

--Support affirmed at '3'.

Chase Capital I through VIII

--Preferred downgraded to 'A' from 'A '.

JPM Capital Trust I and II

--Preferred downgraded to 'A' from 'A '.

JPMorgan Chase Capital IX and X

--Preferred downgraded to 'A' from 'A '.

Inactive affiliates with rated issues outstanding:

American Residential Mortgage Corp

--Long-Term Senior downgraded to 'A ' from 'AA-';

--Medium Term Notes (MTNs).

Chase Manhattan Bank

--Short-Term Deposits affirmed at 'F1 ';

--Short-Term Debt downgraded to 'F1' from 'F1 ';

--Long-Term Deposits downgraded to 'AA-' from 'AA';

--Long-Term Senior Debt downgraded to 'A ' from 'AA-';

--Euro Sr MTNs;

--Euro SR Notes;

--Subordinated downgraded to 'A' from 'A ';

--Outlook Negative.

Chase Manhattan Corporation

--Long-Term Senior Debt downgraded to 'A ' from 'AA-';

--Senior Bank Notes;

--Subordinated downgraded to 'A' from 'A ';

--Preferred downgraded to 'A' from 'A '; --Outlook Negative.

Chemical Bank

--Subordinated Debt downgraded from 'A ' to 'A';

--Outlook Negative.

Chemical Banking Corp

--Long-Term Senior Debt downgraded to 'A ' from 'AA-';

--Senior MTNs

--Subordinated Debt downgraded to 'A' from 'A ';

--Outlook Negative.

JP Morgan & Co., Inc.

--Long-Term Senior Debt downgraded to 'A ' from 'AA-';

--Subordinated downgraded to 'A' from 'A ';

--Preferred downgraded to 'A' from 'A ';

--Outlook Negative.

Manufacturers Hanover Corp.

--Long-Term Senior Debt downgraded to 'A ' from 'AA-'.

Morgan Guaranty Trust Company of New York

--Short-Term Deposits affirmed at 'F1 ';

--Short-Term Debt downgraded to 'F1' from 'F1 ';

--Long-Term Deposits downgraded to 'AA-' from 'AA';

--Long-Term Senior Debt downgraded to 'A ' from 'AA-';

--Subordinated downgraded to 'A' from 'A ';

--Outlook Negative.