Fitch Ratings has affirmed and withdrawn JPMorgan Chase Funding, Inc.'s short-term debt rating at 'F1+'. Fitch has also affirmed and withdrawn JPMorgan Chase Finance LLC's long-term senior unsecured debt rating at 'AA-' and its short-term debt rating at 'F1+'. There is currently no debt outstanding under either program. As a result, Fitch has withdrawn the ratings as they are no longer considered by Fitch to be relevant to the agency's coverage. See the full list of ratings at the end of this release.
The debt ratings affirmations of JPMorgan Chase Funding and JPMorgan Chase Finance are based on the guarantees provided by JPMorgan Chase & Co. (JPM; 'AA-/F1+' long- and short-term Issuer Default Ratings [IDR]) on all of the obligations of these programs.
The rating actions were driven by the lack of debt outstanding under the programs and the resulting ratings withdrawals. Fitch did not carry out a full review as described in its Global Financial Institutions Rating Criteria, but limited its review to an assessment of the JPM guarantees outstanding and lack of debt outstanding under these programs.
Fitch has affirmed and withdrawn the following rating of JPMorgan Chase Funding, Inc.:
--Short-term debt at 'F1+'.
Fitch has affirmed and withdrawn the following ratings of JPMorgan Chase Finance LLC:
--Senior unsecured debt at 'AA-';
--Short-term debt at 'F1+'.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
--'Global Financial Institutions Rating Criteria' (Aug. 16, 2010);
--'Short-Term Ratings Criteria for Corporate Finance' (Nov. 2, 2010).
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547685
Short-Term Ratings Criteria for Corporate Finance
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=568726
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Contacts:
Fitch Ratings
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Joo-Yung Lee, +1-212-908-0560
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New York, NY 10004
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Christopher Wolfe, +1-212-908-0771
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Brian Bertsch, +1-212-908-0549
Email: brian.bertsch@fitchratings.com