DBRS Revises JPMorgan Chase’s Support Assessment to SA2 from SA3, Ratings Unaffected

DBRS has today revised the support assessment for JPMorgan Chase & Co. (JPMorgan or the Company) and JPMorgan Chase Bank, N.A., its primary bank subsidiary, to SA2 from SA3, which reflects DBRS’s designation of the Company as a critically important banking organization (CIB) in the United States. Today’s action has no effect on the current ratings of the Company or related entities. JPMorgan’s Issuer & Senior Debt rating remains at A (high). The trend on all ratings is Stable.

This action follows DBRS’s introduction of a floor rating and the designation of JPMorgan as one of eight CIBs that are now subject to the floor rating. In the United States, the floor rating for banks and their key operating businesses is A (high) and R-1 (middle); for bank holding companies (BHCs), it is “A” and R-1 (middle). The trend for the floor ratings is Stable. While DBRS has not previously ascribed any uplift to bank intrinsic assessments from U.S. government support as indicated by an SA3, establishing the floor ratings reflects the escalation of support for certain large banking organizations that are critically important to the functioning of the U.S. financial markets and maintaining the flow of credit.

For more information on the introduction of the floor rating concept, please see the press release published earlier today entitled “DBRS Announces Introduction of Floor Ratings, a Refinement of the Approach to Intrinsic and Support Assessments,” which is available at www.dbrs.com.

Notes:
The applicable methodologies are Rating Banks and Bank Holding Companies Operating in the United States and Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments, which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.