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Rating Action:

Moody's affirms ratings of JPMorgan Chase & Co., outlook remains stable

06 Dec 2017

New York, December 06, 2017 -- Moody's Investors Service affirmed the A3 long-term senior debt rating of JPMorgan Chase & Co. (JP Morgan) and the ratings of several subsidiaries, including the Aa2 deposit rating of JPMorgan Chase Bank, N.A. The outlook on all ratings is stable. Please see below for a complete list of other Rating Actions and Rating Affirmations.

RATINGS RATIONALE

The ratings affirmation reflects the industry-leading competitive position of each of JP Morgan's four franchises, the diversity of its business mix, and the resulting strength and stability of its earnings. The bank's credit profile is also bolstered by a sound capital base and liquidity profile.

The ratings also incorporate the risks inherent in JPMorgan's Corporate and Investment Bank (CIB), which accounted for 44% of earnings in the past year and one-third of the balance sheet at September 30, 2017. These risks have been partially mitigated by the more stable earnings streams from JP Morgan's consumer, commercial and wealth management operations, which have generated steady earnings to buffer the volatility expected in CIB results over the cycle. The CIB also benefits from a reliable stream of transaction and securities services revenues that comprised 22% of CIB revenues in the past year. The balance of this business mix has allowed JPMorgan to maintain one of the highest baseline credit assessments (a3) amongst banks with significant global capital market activities.

JPMorgan ranks amongst the most diversified and profitable financial institutions globally. These superior results reflect the diversification of JP Morgan's earnings, the favorable competitive position of its franchises and the consistency of management's execution. This robust profitability has allowed the bank to absorb occasional costs associated with legacy positions, litigation, restructuring and regulation, while maintaining business investment. JP Morgan has been able to do this without the need to set up non-core units or take extraordinary charges, in contrast to many peers. As a result, JP Morgan's franchises rest on a solid foundation as evidenced by consistently healthy key performance indicators of market share and growth.

JP Morgan is also among the world's most complex banks. This results in heightened risk management, governance and succession challenges compared to most banks with simpler business models and more transparent and granular risk profiles.

Rating Outlook

The outlook on all ratings is stable.

Factors that Could Lead to an Upgrade

Upward pressure may develop on JP Morgan's a3 BCA and the associated ratings, if the firm continues to demonstrate peer-leading and sustainable profitability even under a more challenging operating environment or if the firm's reliance on capital markets earnings declines while adapting a simplified business model. Under our advanced LGF framework, upward rating pressure could develop for holding company senior debt as well as bank-level senior and subordinated debt if there is a sustained increase in the thickness of the holding company senior debt stack relative to Moody's LGF loss assumptions.

Factors that Could Lead to a Downgrade

Downward pressure could develop on the baseline credit assessment in the event of a marked increase in risk appetite or a major risk control failure.

Other Rating Actions and Rating Affirmations

Chase Bank USA NA

The baseline credit assessment of Chase Bank USA N.A. was lowered to baa3 from baa2, reflecting reduced liquid resources at the entity. All ratings of Chase Bank USA were affirmed (including its Aa3 issuer rating), reflecting its solid position in the U.S. Credit card industry resulting in strong profitability, partly offset by the monoline nature of the entity and vulnerabilities from a single asset class concentration. The affirmation of the a3 adjusted BCA reflects Moody's assumption of the very high likelihood of support from the parent, given the strategic importance of Chase Bank USA to JP Morgan's consumer franchise.

A Baa2 (hyb) junior subordinated debt rating was assigned to JPMorgan Chase & Co. in anticipation of upcoming liquidation of seven capital trusts effective December 18, 2017.

The following ratings were affirmed.

Affirmations:

..Issuer: JPMorgan Chase & Co.

.... Commercial Paper, Affirmed P-2

.... Issuer Rating, Affirmed A3, Stable

....Subordinate Medium-Term Note Program, Affirmed (P)Baa1

....Senior Unsecured Shelf, Affirmed (P)A3

....Pref. Non-Cumulative Shelf, Affirmed (P)Baa3

....Subordinate Shelf, Affirmed (P)Baa1

....Pref. Stock Non-cumulative Preferred Stocks, Affirmed Baa3 (Hyb)

....Subordinate Regular Bond/Debentures, Affirmed Baa1

....Senior Unsecured Medium-Term Note Program, Affirmed (P)A3

....Short-Term Senior Unsecured Medium-Term Note Program , Affirmed (P)P-2

....Senior Unsecured Regular Bond/Debentures, Affirmed A3, Stable

....Senior Unsecured Regular Bond/Debenture, Affirmed (P)A3

..Issuer: JPMorgan Chase Bank, N.A.

.... Adjusted Baseline Credit Assessment, Affirmed a3

.... Baseline Credit Assessment, Affirmed a3

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

....Short-Term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Issuer Rating, Affirmed Aa3, Stable

.... Short-Term Deposit Rating, Affirmed P-1

....Subordinate Bank Note Program, Affirmed (P)A1

....Subordinate Medium-Term Note Program, Affirmed (P)A1

....Short -Term Medium-Term Note Program, Affirmed (P)P-1

....Short-Term Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1

....Senior Unsecured Short-Term Bank Note Program, Affirmed P-1

....Senior Unsecured Bank Note Program, Affirmed (P)Aa3

....Senior Unsecured Deposit Note/Takedown, Affirmed Aa2, Stable

....Senior Unsecured Short-Term Medium-Term Note Program, Affirmed (P)P-1

....Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa3

....Senior Unsecured Regular Bond/Debentures, Affirmed Aa3, Stable

....Long-Term Deposit Rating, Affirmed Aa2, Stable

..Issuer: JPMorgan Chase Bank, N.A., Paris Branch

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short-Term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-Term Deposit Rating, Affirmed P-1

....Long-Term Deposit Rating, Affirmed Aa2 STA

..Issuer: Morgan Guaranty Trust Company of New York

....Senior Unsecured Regular Bond/Debenture, Affirmed Aa3 STA

..Issuer: J.P. Morgan Securities plc

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short-Term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Issuer Rating, Affirmed A1 STA

.... Short-Term Issuer Rating, Affirmed P-1

..Issuer: J.P. Morgan Securities, LLC

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short-Term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Issuer Rating, Affirmed A1 STA

.... Short-Term Issuer Rating, Affirmed P-1

....Commercial Paper, Affirmed P-1

..Issuer: BANK ONE Capital III

....Pref. Stock Preferred Stock, Affirmed Baa2 (Hyb)

..Issuer: BANK ONE CORPORATION (assumed by JPMorgan Chase & Co.)

....Subordinate Regular Bond/Debenture, Affirmed Baa1

..Issuer: Bank One, Michigan

....Subordinate Regular Bond/Debenture, Affirmed A1

..Issuer: Chase Bank USA, National Association

.... Adjusted Baseline Credit Assessment, Affirmed a3

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short-Term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Issuer Rating, Affirmed Aa3, Stable

.... Short-Term Deposit Rating, Affirmed P-1

....Subordinate Bank Note Program, Affirmed (P)A1

....Senior Unsecured Bank Note Program, Affirmed (P)Aa3

....Short-Term Senior Unsecured Bank Note Program, Affirmed (P)P-1

....Short-Term Senior Unsecured Bank Note Program, Affirmed P-1

....Senior Unsecured Regular Bond/Debentures, Affirmed Aa3, Stable

....Long-Term Deposit Rating, Affirmed Aa2, Stable

..Issuer: Chase Capital II

....Pref. Stock Preferred Stock, Affirmed Baa2 (Hyb)

..Issuer: Chase Capital III

....Pref. Stock Preferred Stock, Affirmed Baa2 (Hyb)

..Issuer: Chase Capital VI

....Pref. Stock Preferred Stock, Affirmed Baa2 (Hyb)

..Issuer: First Chicago NBD Capital I

....Pref. Stock Preferred Stock, Affirmed Baa2 (Hyb)

..Issuer: J.P. Morgan & Co. Incorporated

....Subordinate Regular Bond/Debentures, Affirmed Baa1

....Senior Unsecured Regular Bond/Debentures, Affirmed A3, Stable

..Issuer: J.P. Morgan AG

.... Adjusted Baseline Credit Assessment, Affirmed a3

.... Baseline Credit Assessment, Affirmed a3

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short-Term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Issuer Rating, Affirmed A1

.... Short-Term Issuer Rating, Affirmed P-1

.... Short-Term Deposit Rating, Affirmed P-1

....Long-Term Deposit Ratings, Affirmed Aa2

..Issuer: J.P. Morgan Bank Canada

.... Short-Term Deposit Ratings, Affirmed P-1

....Long-Term Deposit Ratings, Affirmed Aa2, Stable

..Issuer: J.P. Morgan Chase Capital XIII

....Pref. Stock Preferred Stock, Affirmed Baa2 (Hyb)

..Issuer: J.P. Morgan Chase Capital XXI

....Pref. Stock Preferred Stock, Affirmed Baa2 (Hyb)

..Issuer: J.P. Morgan Chase Capital XXIII

....Pref. Stock Preferred Stock, Affirmed Baa2 (Hyb)

..Issuer: JP Morgan International Derivatives Ltd

....Senior Unsecured Regular Bond/Debentures, Affirmed Aa3, Stable

..Issuer: JP MORGAN STRUCTURED PRODUCTS BV

....Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa3

....Short-Term Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1

....Senior Unsecured Regular Bond/Debenture, Affirmed Aa3, Stable

..Issuer: JPMorgan Chase Bank, N.A., London Branch

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

....Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa3

....Senior Unsecured Short Term Medium-Term Note Program, Affirmed (P)P-1

..Issuer: JPMorgan Chase Bank, N.A., New York Branch

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

....Subordinate Medium-Term Note Program, Affirmed (P)A1

....Senior Unsecured Seniority Medium-Term Note Program, Affirmed (P)Aa3

..Issuer: JPMorgan Chase Bank, N.A., Singapore Br

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short-Term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-Term Deposit Rating, Affirmed P-1

....Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa3

....Senior Unsecured Short Term Medium-Term Note Program, Affirmed (P)P-1

....Long-Term Deposit Rating , Affirmed Aa2, Stable

..Issuer: JPMorgan Chase Bank, N.A., Toronto

.... Commercial Paper, Affirmed P-1

.... Counterparty Risk Assessment, Affirmed Aa2(cr)

.... Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

.... Short-Term Deposit Rating, Affirmed P-1

....Long-Term Deposit Rating, Affirmed Aa2, Stable

..Issuer: JPMorgan Chase Financial Company LLC

....Senior Unsecured Medium-Term Note Program, Affirmed (P)A3

....Senior Unsecured Regular Bond/Debentures, Affirmed A3, Stable

..Issuer: Bear Stearns Companies LLC. (The)

.... Commercial Paper, Affirmed P-2

.... Issuer Rating, Affirmed A3 STA

.... Short-Term Issuer Rating, Affirmed P-2

....Senior Unsecured Regular Bond/Debentures, Affirmed A3 STA

..Issuer: Bear Stearns Global Asset Holdings, Ltd.

....Senior Unsecured Regular Bond/Debenture, Affirmed A3 STA

..Issuer: J.P. Morgan Australia Ltd.

.... Commercial Paper, Affirmed P-1

Assignments:

..Issuer: JPMorgan Chase & Co.

....Junior Subordinated Regular Bond/Debenture, Assigned Baa2 (hyb)

Downgrades:

..Issuer: Chase Bank USA, National Association

.... Baseline Credit Assessment, Downgraded to baa3 from baa2

Outlook Actions:

..Issuer: Chase Bank USA, National Association

....Outlook, Remains Stable

..Issuer: J.P. Morgan & Co. Incorporated

....Outlook, Remains Stable

..Issuer: J.P. Morgan AG

....Outlook, Remains Stable

..Issuer: J.P. Morgan Bank Canada

....Outlook, Remains Stable

..Issuer: JP Morgan International Derivatives Ltd

....Outlook, Remains Stable

..Issuer: JP MORGAN STRUCTURED PRODUCTS BV

....Outlook, Remains Stable

..Issuer: JPMorgan Chase & Co.

....Outlook, Remains Stable

..Issuer: JPMorgan Chase Bank, N.A.

....Outlook, Remains Stable

..Issuer: JPMorgan Chase Bank, N.A., London Branch

....Outlook, Remains Stable

..Issuer: JPMorgan Chase Bank, N.A., New York Branch

....Outlook, Remains Stable

..Issuer: JPMorgan Chase Bank, N.A., Singapore Br

....Outlook, Remains Stable

..Issuer: JPMorgan Chase Bank, N.A., Toronto

....Outlook, Remains Stable

..Issuer: JPMorgan Chase Financial Company LLC

....Outlook, Remains Stable

..Issuer: J.P. Morgan Securities plc

....Outlook, Remains Stable

..Issuer: J.P. Morgan Securities, LLC

....Outlook, Remains Stable

..Issuer: Bear Stearns Companies LLC. (The)

....Outlook, Remains Stable

..Issuer: Bear Stearns Global Asset Holdings, Ltd.

....Outlook, Remains Stable

..Issuer: JPMorgan Chase Bank, N.A., Paris Branch

....Outlook, Remains Stable

The principal methodology used in rating J.P. Morgan Securities plc and J.P. Morgan Securities, LLC was Securities Industry Market Makers published in September 2017. The principal methodology used in rating JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., Bank One Corporation, Bank One Capital III, First Chicago NBD Capital I, Bank One, Michigan, Bear Stearns Companies LLC., Bear Stearns Global Asset Holdings, Ltd., Chase Capital II, Chase Capital III, Chase Capital VI, J.P. Morgan & Co. Incorporated, J.P. Morgan Australia Ltd., JP Morgan International Derivatives Ltd, J.P. Morgan AG, J.P. Morgan Bank Canada , J.P. Morgan Chase Capital XIII, J.P. Morgan Chase Capital XXI, J.P. Morgan Chase Capital XXIII, JP MORGAN STRUCTURED PRODUCTS BV, JPMorgan Chase Bank, N.A., London Branch, JPMorgan Chase Bank, N.A., New York Branch, JPMorgan Chase Bank, N.A., Paris Branch, JPMorgan Chase Bank, N.A., Singapore Branch, JPMorgan Chase Bank, N.A., Toronto, JPMorgan Chase Financial Company LLC, Chase Bank USA, National Association was Banks published in September 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Peter E. Nerby
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ana Arsov
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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