New York, January 15, 2009 -- Moody's Investors Service lowered the debt ratings of JPMorgan Chase
& Co (JPM) (senior debt to Aa3 from Aa2) and the ratings on its subsidiaries,
including its lead bank, JPMorgan Chase Bank N.A.
(long-term bank deposits to Aa1 from Aaa). The financial
strength rating on the bank was lowered to B from B+, which
translates to a fall in the baseline credit assessment to Aa3 from Aa2.
The Prime-1 ratings on the short-term obligations of all
JPM's entities were affirmed. The rating outlook is stable.
The downgrades are in response to the poor prospect of JPM generating
capital in the current recession and protracted period of market illiquidity
leading to possible losses. Consecutive quarterly losses in the
next twelve to fifteen months can not be ruled out as JPM faces four broad
challenges. These are: 1) the prospects of revenue declines
due to a slower economy, 2) the need to continue to take marks against
its inventory of investment banking assets, 3) Moody's view
that JPM faces higher charges against its $302 billion residential-mortgage
portfolio than Moody's expected as recently as September 2008,
and 4) the likelihood of increased credit costs against its $185
billion credit-card portfolio.
Moody's has placed a stable outlook on JPM's ratings because
JPM enters this difficult period with prudent capital ratios, a
sizable loan-loss reserve, and enviable franchise positions
in its major businesses.
"JPM's capital ratios, and especially its tangible-equity
ratio, are relatively high, and as a consequence, JPM
is in a more manageable position than are its major U.S.
bank competitors to deal with the dual problems of revenue reductions
and increased credit costs," said Moody's Senior Vice
President, Sean Jones. "To the extent these pressures
become more extreme, we expect JPM would defend its capital ratios
by reducing expenses and by cutting its common dividend."
Moody's estimates that JPM's Tier I capital ratio is 10.8%,
while its adjusted- tangible equity, which gives some credit
to hybrid securities, is approximately 8.0% of risk-weighted
assets.
The stable outlook also recognizes that none of JPM's business lines
has suffered franchise damage during the credit crunch and recession.
JPM's debt and deposit ratings also benefit from Moody's assumption
of a very high probability of systemic support from the U.S.
government to JPM.
NEGATIVE RATING FACTORS
The greater the stress in the economic environment, the more difficult
it will be for JPM to generate capital over the next few years,
Moody's said, as it increasingly needs to take provisions
for all of its portfolios. Moody's concerns over the recession
and its negative impact on bank ratings have heightened since September
2008 (as highlighted in the rating agency's recent publication,
"Global Macro-Risk Scenarios 2009-2010 -- From
Global Integration to Global Dis-integration?").
In a recession, Moody's does not expect JPM to generate sizable
amounts of capital because: 1) The recession, coupled with
continued capital market illiquidity, will continue to dampen investment
banking revenue, which remains an important revenue contributor
to JPM. 2) An ailing housing market and higher unemployment have
increased loss estimates on JPM's residential mortgage portfolio.
In particular, the rating agency believes that it has become more
likely that additional charges will need to be taken against legacy WaMu's
$145 billion residential mortgage portfolio beyond JPM's
$30 billion marks and life-time loss estimates. 3)
Increased credit costs taken against JPM's credit-card portfolio
are also very likely. Moody's still assumes that JPM's
credit card portfolio will perform better than peers'. Nevertheless,
Moody's is assuming that annualized charge off rates could rise
to more than 8%. 4) JPM's quarterly dividend payment
of $1.5 billion and preferred dividend payments of approximately
$500 million are also obstacles to capital generation.
CREDIT STRENGTHS
JPM's bank financial strength rating at the B level and the stable
outlook not only reflect stronger capital ratios but Moody's view
that JPM has a valuable franchise, which the credit crunch has not
impaired. JPM's investment bank's long-term
viability is supported by the fact that it is housed in a liquid bank
and has effective risk management. In addition, it has a
global platform and a broad product menu with a top-tier ranking
that is not skewed to structured products.
As well, in a consolidating U.S. banking market,
JPM has a strong number three position in direct retail and commercial
banking. In addition, it has noticeably upgraded its platform
and sales effectiveness.
Its credit card operations are characterized by a market leading position
in a consolidated market and by superior asset quality. Although
Moody's expects a significant rise in credit costs that will have
a meaningful negative impact on consolidated earnings, JPM has levers
that can help offset the rise in credit costs. These include cutting
marketing expenses and increasing some fees.
JPM also benefits from earnings diversity that comes with its top-tier
position in global securities servicing and its sizable standing in the
more fragmented market of global asset management.
JPM's debt ratings benefit from Moody's view that JPM enjoys
very high systemic support. It is a major counterparty in the capital
markets, including credit derivatives. In addition,
it is one of only two clearers for U.S. government securities,
and its large U.S. banking presence makes it a very important
vehicle in the country's payment system. Because of these
reasons, Moody's views the likelihood of U.S.
government systemic support for JPM as very high. As a result,
the bank subsidiaries of JPM get a two-notch lift to Aa1 from their
baseline credit assessment of Aa3. The holding company also benefits
from systemic support (receiving a one-notch lift), but not
to the same degree as the bank. The holding company's senior
debt is rated Aa3.
Moody's said that the most likely reason for JPM's outlook
to change to negative or for its ratings to be downgraded further would
be that its adjusted tangible equity ratio falls towards 5% from
its current level of approximately 8%. For this to occur
in the medium term, losses would need to be greater than Moody's
expects in conjunction with JPM failing to take some compensating actions,
such as cutting its dividend.
Moody's said that for JPM to return to its previous financial strength
rating of B+ level it would need to not only return to previous profitability
levels, but Moody's would also have to be satisfied that,
going forward, JPM's business mix would result in less earnings
volatility or that continued exposure to more volatile earnings were mitigated
by higher capital levels.
Moody's last rating action on JPM was on September 25th, 2008,
when it affirmed JPM's ratings but changed the rating outlook to
negative from stable.
The principal methodologies used in rating this issuer were "Bank
Financial Strength Ratings: Global Methodology" (February
2007) and "Incorporation of Joint-Default Analysis into Moody's
Bank Ratings: A Refined Methodology" (March 2007), which
can be found at www.moodys.com in the Credit Policy &
Methodologies directory, in the Ratings Methodologies subdirectory.
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found in the Credit Policy & Methodologies
directory.
Moody's actions on JPM's ratings had no impact on the FDIC-guaranteed
debt issued by JPMorgan Chase & Co. That debt remains rated
at Aaa with a stable outlook.
Ratings actions were:
Downgrades:
..Issuer: BANK ONE CORPORATION
....Multiple Seniority Medium-Term
Note Program, Downgraded to A1, Aa3 from Aa3,Aa2
....Multiple Seniority Shelf, Downgraded
to (P)A2, (P)Aa3 from (P)A1, (P)Aa2
....Preferred Stock Preferred Stock,
Downgraded to A2 from A1
....Subordinate Regular Bond/Debenture,
Downgraded to A1 from Aa3
....Subordinate Shelf, Downgraded to
(P)A1 from (P)Aa3
..Issuer: BANK ONE Capital III
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: BANK ONE Capital IX
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: BANK ONE Capital V
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: BANK ONE Capital VI
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: BANK ONE Capital VII
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: BANK ONE Capital VIII
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: BANK ONE Capital X
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: Bank One N.A. (Chicago)
....Multiple Seniority Bank Note Program,
Downgraded to Aa2 , Aa1 from Aa1, Aaa
....Senior Unsecured Bank Note Program,
Downgraded to Aa1 from Aaa
....Senior Unsecured Deposit Program,
Downgraded to Aa1 from Aaa
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa1 from Aaa
..Issuer: Bank One, Illinois, N.A.
....Senior Unsecured Deposit Note/Takedown,
Downgraded to Aa1 from Aaa
..Issuer: Bank One, Michigan
....Subordinate Regular Bond/Debenture,
Downgraded to Aa2 from Aa1
..Issuer: Bank One, National Association
....Multiple Seniority Bank Note Program,
Downgraded to Aa2, Aa1 from Aa1, Aaa
....Multiple Seniority Medium-Term
Note Program, Downgraded to Aa2, Aa1 from Aa1, Aaa
....Senior Unsecured Bank Note Program,
Downgraded to Aa1 from Aaa
..Issuer: Bear Stearns Bank plc
....Issuer Rating, Downgraded to Aa3
from Aa2
....Senior Unsecured Deposit Program,
Downgraded to Aa3 from Aa2
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa3 from Aa2
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa3 from Aa2
..Issuer: Bear Stearns Capital Trust I
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: Bear Stearns Capital Trust III
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: Bear Stearns Capital Trust IV
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: Bear Stearns Capital Trust V
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: Bear Stearns Caribbean Asset Holdings,
Ltd.
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa3 from Aa2
..Issuer: Bear Stearns Companies LLC. (The)
....Issuer Rating, Downgraded to Aa3
from Aa2
....Junior Subordinated Shelf, Downgraded
to (P)A1 from (P)Aa3
....Multiple Seniority Shelf, Downgraded
to (P)A2 , (P)Aa3 from (P)A1, (P)Aa2
....Preferred Stock Preferred Stock,
Downgraded to A2 from A1
....Subordinate Regular Bond/Debenture,
Downgraded to A1 from Aa3
....Senior Unsecured Conv./Exch.
Bond/Debenture, Downgraded to (P)Aa3, Aa3 from (P)Aa2 ,
Aa2
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa3 from Aa2
....Senior Unsecured Regular Bond/Debenture,
Downgraded to (P)Aa3, Aa3 from (P)Aa2, Aa2
....Senior Unsecured Shelf, Downgraded
to (P)Aa3 from (P)Aa2
..Issuer: Bear Stearns Finance LLC
....Preferred Stock Preferred Stock,
Downgraded to A2 from A1
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: Bear Stearns Global Asset Holdings,
Ltd.
....Senior Unsecured Conv./Exch.
Bond/Debenture, Downgraded to (P)Aa3, Aa3 from (P)Aa2 ,
Aa2
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa3 from Aa2
....Senior Unsecured Regular Bond/Debenture,
Downgraded to (P)Aa3, Aa3 from (P)Aa2, Aa2
..Issuer: Bear, Stearns Securities Corporation
....Issuer Rating, Downgraded to Aa3
from Aa2
..Issuer: Chase Capital II
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: Chase Capital III
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: Chase Capital IX
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: Chase Capital VI
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: Chase Manhattan Bank, Paris Branch
....Senior Unsecured Deposit Rating,
Downgraded to Aa1 from Aaa
..Issuer: Chase Manhattan Corporation (OLD)
....Issuer Rating, Downgraded to Aa3
from Aa2
....Multiple Seniority Medium-Term
Note Program, Downgraded to A1, Aa3 from Aa3 , Aa2
....Multiple Seniority Shelf, Downgraded
to (P)A2, (P)Aa3 from (P)A1, (P)Aa2
....Preferred Stock Preferred Stock,
Downgraded to A2 from A1
....Subordinate Medium-Term Note Program,
Downgraded to A1 from Aa3
....Subordinate Regular Bond/Debenture,
Downgraded to A1 from Aa3
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa3 from Aa2
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa3 from Aa2
..Issuer: First Chicago NBD Capital I
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: First Chicago NBD Corporation
....Multiple Seniority Medium-Term
Note Program, Downgraded to A1, Aa3 from Aa3, Aa2
....Multiple Seniority Shelf, Downgraded
to (P)A1, (P)Aa3 from (P)Aa3, (P)Aa2
....Preferred Stock Preferred Stock,
Downgraded to A2 from A1
....Subordinate Regular Bond/Debenture,
Downgraded to A1 from Aa3
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa3 from Aa2
..Issuer: First Commerce Corp.
....Preferred Stock Preferred Stock,
Downgraded to A2 from A1
..Issuer: J.P. Morgan & Co.
Incorporated
....Issuer Rating, Downgraded to Aa3
from Aa2
....Multiple Seniority Medium-Term
Note Program, Downgraded to A1, Aa3 from Aa3, Aa2
....Multiple Seniority Shelf, Downgraded
to (P)A2, (P)Aa3 from (P)A1, (P)Aa2
....Preferred Stock Preferred Stock,
Downgraded to A2 from A1
....Subordinate Regular Bond/Debenture,
Downgraded to A1 from Aa3
....Senior Subordinated Regular Bond/Debenture,
Downgraded to A1 from Aa3
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa3 from Aa2
....Senior Unsecured Shelf, Downgraded
to (P)Aa3 from (P)Aa2
..Issuer: J.P. Morgan Bank Canada
....Senior Unsecured Deposit Note/Takedown,
Downgraded to Aa1 from Aaa
....Senior Unsecured Deposit Rating,
Downgraded to Aa1 from Aaa
..Issuer: J.P. Morgan Chase Capital
X
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: J.P. Morgan Chase Capital
XI
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XII
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XIII
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XIV
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XIX
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XV
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XVI
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XVII
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XVIII
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XX
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XXI
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XXII
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XXIII
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Chase Capital
XXIV
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: J.P. Morgan Index Funding
Company I
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: J.P. Morgan Index Funding
Company, LLC
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
..Issuer: J.P. Morgan Securities Ltd
....Issuer Rating, Downgraded to Aa1
from Aaa
..Issuer: J.P. Morgan Trust Bank Ltd.
....OSO Senior Unsecured OSO Rating,
Downgraded to Aa1 from Aaa
....Senior Unsecured Deposit Rating,
Downgraded to Aa1 from Aaa
..Issuer: JP MORGAN STRUCTURED PRODUCTS BV
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa1 from Aaa
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa1 from Aaa
..Issuer: JP Morgan International Derivatives Ltd
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa1 from Aaa
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa1 from Aaa
..Issuer: JPM Capital Trust I
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: JPM Capital Trust III
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: JPM Capital Trust IV
....Preferred Stock Shelf, Downgraded
to (P)A1 from (P)Aa3
..Issuer: JPMorgan Chase & Co.
....Issuer Rating, Downgraded to Aa3
from Aa2
....Junior Subordinated Shelf, Downgraded
to (P)A1 from (P)Aa3
....Multiple Seniority Medium-Term
Note Program, Downgraded to A1, Aa3 from Aa3, Aa2
....Multiple Seniority Shelf, Downgraded
to (P)A2, (P)Aa3 from (P)A1, (P)Aa2
....Preferred Stock Preferred Stock,
Downgraded to A2 from A1
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
....Subordinate Regular Bond/Debenture,
Downgraded to A1 from Aa3
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa3 from Aa2
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa3 from Aa2
....Senior Unsecured Shelf, Downgraded
to (P)Aa3 from (P)Aa2
..Issuer: JPMorgan Chase Bank (China) Company Limited
....Subordinate Regular Bond/Debenture,
Downgraded to Aa2 from Aa1
....Senior Unsecured Deposit Rating,
Downgraded to Aa1 from Aaa
..Issuer: JPMorgan Chase Bank, N.A.,
London Branch
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa1 from Aaa
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa1 from Aaa
..Issuer: JPMorgan Chase Bank, N.A.,
New York Branch
....Multiple Seniority Medium-Term
Note Program, Downgraded to Aa2, Aa1 from Aa1, Aaa
..Issuer: JPMorgan Chase Bank, N.A.,
Singapore Br
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa1 from Aaa
....Senior Unsecured Deposit Rating,
Downgraded to Aa3 from Aa2
..Issuer: JPMorgan Chase Bank, N.A.,
Toronto
....Senior Unsecured Deposit Rating,
Downgraded to Aa1 from Aaa
..Issuer: JPMorgan Chase Bank, NA
....Bank Financial Strength Rating,
Downgraded to B from B+
....Issuer Rating, Downgraded to Aa1
from Aaa
....OSO Senior Unsecured OSO Rating,
Downgraded to Aa1 from Aaa
....Multiple Seniority Medium-Term
Note Program, Downgraded to Aa2 , Aa1 from Aa1, Aaa
....Subordinate Regular Bond/Debenture,
Downgraded to Aa2 from Aa1
....Senior Unsecured Bank Note Program,
Downgraded to Aa1 from Aaa
....Senior Unsecured Deposit Note/Takedown,
Downgraded to Aa1 from Aaa
....Senior Unsecured Conv./Exch.
Bond/Debenture, Downgraded to Aa1 from Aaa
....Senior Unsecured Medium-Term Note
Program, Downgraded to Aa1 from Aaa
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa1 from Aaa
....Senior Unsecured Deposit Rating,
Downgraded to Aa1 from Aaa
..Issuer: JPMorgan Chase Capital XXIX
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: JPMorgan Chase Capital XXV
....Preferred Stock Preferred Stock,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: JPMorgan Chase Capital XXVI
....Junior Subordinated Regular Bond/Debenture,
Downgraded to A1 from Aa3
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: JPMorgan Chase Capital XXVII
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: JPMorgan Chase Capital XXVIII
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: JPMorgan Chase Capital XXX
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: JPMorgan Chase Capital XXXI
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: JPMorgan Chase Capital XXXII
....Preferred Stock Shelf, Downgraded
to (P)A2 from (P)A1
..Issuer: Morgan Guaranty Trust Company of New York
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Aa1 from Aaa
..Issuer: NBD Bancorp, Inc.
....Subordinate Regular Bond/Debenture,
Downgraded to A1 from Aa3
..Issuer: Robert Fleming Capital Ltd.
....Multiple Seniority Medium-Term
Note Program, Downgraded to A2, A1 from A1, Aa3
....Subordinate Regular Bond/Debenture,
Downgraded to A2 from A1
..Issuer: Robert Fleming Finance (Jersey) Ltd.
....Multiple Seniority Medium-Term
Note Program, Downgraded to A2, A1 from A1, Aa3
Outlook Actions:
..Issuer: BANK ONE CORPORATION
....Outlook, Changed To Stable From
Negative
..Issuer: BANK ONE Capital III
....Outlook, Changed To Stable From
Negative
..Issuer: BANK ONE Capital IX
....Outlook, Changed To Stable From
Negative
..Issuer: BANK ONE Capital V
....Outlook, Changed To Stable From
Negative
..Issuer: BANK ONE Capital VI
....Outlook, Changed To Stable From
Negative
..Issuer: BANK ONE Capital VII
....Outlook, Changed To Stable From
Negative
..Issuer: BANK ONE Capital VIII
....Outlook, Changed To Stable From
Negative
..Issuer: BANK ONE Capital X
....Outlook, Changed To Stable From
Negative
..Issuer: Bank One N.A. (Chicago)
....Outlook, Changed To Stable From
Negative
..Issuer: Bank One, Illinois, N.A.
....Outlook, Changed To Stable From
Negative
..Issuer: Bank One, Michigan
....Outlook, Changed To Stable From
Negative
..Issuer: Bank One, National Association
....Outlook, Changed To Stable From
Negative
..Issuer: Bear Stearns Bank plc
....Outlook, Changed To Stable From
Negative
..Issuer: Bear Stearns Capital Trust I
....Outlook, Changed To Stable From
Negative
..Issuer: Bear Stearns Capital Trust III
....Outlook, Changed To Stable From
Negative
..Issuer: Bear Stearns Capital Trust IV
....Outlook, Changed To Stable From
Negative
..Issuer: Bear Stearns Capital Trust V
....Outlook, Changed To Stable From
Negative
..Issuer: Bear Stearns Companies LLC. (The)
....Outlook, Changed To Stable From
Negative
..Issuer: Bear Stearns Finance LLC
....Outlook, Changed To Stable From
Negative
..Issuer: Bear Stearns Global Asset Holdings,
Ltd.
....Outlook, Changed To Stable From
Negative
..Issuer: Bear, Stearns Securities Corporation
....Outlook, Changed To Stable From
Negative
..Issuer: Chase Capital II
....Outlook, Changed To Stable From
Negative
..Issuer: Chase Capital III
....Outlook, Changed To Stable From
Negative
..Issuer: Chase Capital IX
....Outlook, Changed To Stable From
Negative
..Issuer: Chase Capital VI
....Outlook, Changed To Stable From
Negative
..Issuer: Chase Manhattan Bank (Luxembourg) S.A.
....Outlook, Changed To Stable From
No Outlook
..Issuer: Chase Manhattan Bank, Paris Branch
....Outlook, Changed To Stable From
Negative
..Issuer: Chase Manhattan Corporation (OLD)
....Outlook, Changed To Stable From
Negative
..Issuer: First Chicago Australia Ltd.
....Outlook, Changed To Stable From
Negative
..Issuer: First Chicago NBD Capital I
....Outlook, Changed To Stable From
Negative
..Issuer: First Chicago NBD Corporation
....Outlook, Changed To Stable From
Negative
..Issuer: First Commerce Corp.
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan & Co.
Incorporated
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Australia Ltd.
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Bank Canada
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
X
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XI
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XII
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XIII
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XIV
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XIX
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XV
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XVI
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XVII
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XVIII
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XX
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XXI
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XXII
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XXIII
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Chase Capital
XXIV
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Index Funding
Company I
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Index Funding
Company, LLC
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Securities Ltd
....Outlook, Changed To Stable From
Negative
..Issuer: J.P. Morgan Trust Bank Ltd.
....Outlook, Changed To Stable From
Negative
..Issuer: JP MORGAN STRUCTURED PRODUCTS BV
....Outlook, Changed To Stable From
Negative
..Issuer: JP Morgan International Derivatives Ltd
....Outlook, Changed To Stable From
Negative
..Issuer: JPM Capital Trust I
....Outlook, Changed To Stable From
Negative
..Issuer: JPM Capital Trust III
....Outlook, Changed To Stable From
Negative
..Issuer: JPM Capital Trust IV
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase & Co.
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Bank (China) Company Limited
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Bank, N.A.,
London Branch
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Bank, N.A.,
New York Branch
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Bank, N.A.,
Singapore Br
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Bank, N.A.,
Toronto
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Bank, NA
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Capital XXIX
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Capital XXV
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Capital XXVI
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Capital XXVII
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Capital XXVIII
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Capital XXX
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Capital XXXI
....Outlook, Changed To Stable From
Negative
..Issuer: JPMorgan Chase Capital XXXII
....Outlook, Changed To Stable From
Negative
..Issuer: Morgan Guaranty Trust Company of New York
....Outlook, Changed To Stable From
Negative
..Issuer: NBD Bancorp, Inc.
....Outlook, Changed To Stable From
Negative
..Issuer: Robert Fleming Capital Ltd.
....Outlook, Changed To Stable From
Negative
..Issuer: Robert Fleming Finance (Jersey) Ltd.
....Outlook, Changed To Stable From
Negative
JPMorgan Chase and Co is headquartered in New York and its reported assets
at September 30th 2008 were $2.3 trillion.
New York
Gregory W. Bauer
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Sean Jones
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's lowers JPMorgan's ratings (snr to Aa3 from Aa2); outlook stable
