Fitch ups Bear Stearns

Fitch Ratings said that JPMorgan Chase & Co. completed it acquisition of Bear Stearns Cos., Inc. on May 30, and, as a result, Fitch has upgraded the ratings of Bear Stearns and removed them from rating watch positive, where they were originally placed on March 17.

As the direct and sole owner of Bear Stearns, JPM has assumed the capital structure of Bear Stearns, the agency said.

It is the opinion of Fitch that JPM will accord Bear Stearns the same managerial and financial resources that are available to its other wholly owned subsidiaries.

Fitch said it has upgraded the following ratings: Bear Stearns' long-term issuer default rating to AA- from A-, short-term issuer default rating to F1+ from F2, short-term debt to F1+ from F3, senior debt to AA- from BBB, subordinated debt to A+ from BBB-, preferred stock to A+ from BB+ and individual to B from F.

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