Fitch Affirms JPM IDRs After WaMu Buy

Meanwhile, Fitch Ratings has affirmed the long-term Issuer Default Ratings of JPMorgan Chase and JPMorgan Chase Bank NA at AA-minus in the wake of JPM's acquisition of Washington Mutual Inc. "For JPM, this deal effectively creates the largest U.S. depository institution ($905 billion in deposits), the second-largest branch network (5,410 branches), and the largest credit card issuer ($181 billion outstanding," Fitch said. "Equally noteworthy is the immediate expansion of its footprint across 23 states to include the West Coast and other attractive high-growth markets" such as Florida, Texas, and Arizona. Fitch also affirmed various debt ratings of JPM and its bank affiliate and upgraded the long-term deposit ratings of WaMu Bank and Providian National Bank from BBB-minus to AA. The rating agency also placed WaMu Bank's servicer ratings for residential and commercial mortgage-backed securities on Rating Watch Evolving and reported that it expects to take no action on four transactions serviced by the bank.