MUMBAI (Thomson Financial) - Fitch Ratings upgraded the issuer default rating of Bear Stearns Companies Inc.(BSC), and its subsidiaries after JP Morgan Chase & Co. (JPM) completed its acquisition on May 30 2008.
The ratings were also removed from positive watch.
These upgrades acknowledged JPMC's guarantee of all trading obligations and counterparty transactions of BSC and its subsidiaries, and JPM's assumption of operational oversight, both effective immediately.
Fitch said the ratings of Bear Stearns have been aligned with those of JPM and its subsidiaries as it is the direct and sole owner of BSC. JPM has assumed the capital structure of BSC and it is expected that JPM will accord it the same managerial and financial resources that are available to its other wholly-owned subsidiaries. TFN.newsdesk@thomson.com vsr/ran COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The ratings were also removed from positive watch.
These upgrades acknowledged JPMC's guarantee of all trading obligations and counterparty transactions of BSC and its subsidiaries, and JPM's assumption of operational oversight, both effective immediately.
Fitch said the ratings of Bear Stearns have been aligned with those of JPM and its subsidiaries as it is the direct and sole owner of BSC. JPM has assumed the capital structure of BSC and it is expected that JPM will accord it the same managerial and financial resources that are available to its other wholly-owned subsidiaries. TFN.newsdesk@thomson.com vsr/ran COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.