Ratings Roundup: JP Morgan/WaMu, Nomura/Lehman
Recent actions by ratings agencies on financial companies in the news:
JPMorgan Chase (NYSE: JPM)/Washington Mutual (NYSE: WM)
Moody’s affirms JPMorgan Chase’s ratings with negative outlook (Sep 25)
Moody’s said that it affirmed JPM’s ratings because of three broad considerations The first is that JPM is paying $1.9 billion to acquire net assets of $31 billion. This gives JPM substantial protection against further losses on WaMu’s assets. The second consideration is that JPM will maintain comparatively high capital ratios assuming that it is successful in raising $8 billion of common that it announced on September 25th, 2008. The third consideration is that Moody’s believes JPM has the managerial skills to successfully integrate WaMu’s operations into its own.
Nomura (NYSE: NMR)/Lehman Brothers
S&P: Ratings On Nomura Group Companies Unaffected By Planned Lehman Brothers Acquisition (Sep 24)
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