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To: IngotWeTrust who wrote (90466)	10/9/2002 2:43:30 PM
From: long-gone	Read Replies (1) \| Respond to of 116815

OT(?) Reuters Market News Moody's cuts J.P. Morgan senior debt rating Wednesday October 9, 2:22 pm ET NEW YORK, Oct 9 (Reuters) - Moody's Investors Service on Wednesday cut J.P. Morgan Chase & Co.'s (NYSE:JPM - News) long-term debt ratings, affecting about $42 billion of debt, reflecting concern about the No. 2 U.S. banking company's medium- and long-term business outlook. Moody's cut J.P. Morgan's senior unsecured debt one notch to "A1," its fifth highest grade, from "Aa3," and also cut several other ratings. Its rating outlook is now stable. In a press statement, Peter Nerby, a Moody's senior vice president, said J.P. Morgan's financial performance "has lagged behind similarly rated peers during this cycle. Moody's is concerned that (J.P. Morgan's) recent problems may further complicate its ability to execute its capital market strategy, which has so far met with only partial success." He said J.P. Morgan's liquidity is "strong" and capital ratios are "good." The downgrade could make it more costly for J.P. Morgan to borrow as Chief Executive William Harrison tries to cut costs. The bank is preparing to cut thousands of jobs, people familiar with the companies said, as underwriting and trading revenue decline and loan losses mount. Standard & Poor's Ratings Services on Sept. 17 cut J.P. Morgan's long-term debt rating one notch to "A-plus," equal to Moody's new rating. biz.yahoo.com