Fitch Downgrades JP Morgan's Credit Rating

Leading credit rating agency Fitch downgraded the rating of the largest US bank, JP Morgan Chase from A+ to AA-.

Friday JP Morgan declared losses amounting to USD 2 B of own resourses.

Accordingly, Fitch's reating of the bank as a long-term emittent and the solidity evaluation were downgraded, report world agencies.

The rating agency also said that the rating has a negative outlook, but added that JP Morgan's losses are "manageable."

At the same time, Fitch stresses that the size of losses and the damage to liquidity mandate the downgrade.

After the announcement of JP Morgan's losses, its shares on stock exchanges dropped their value by some 9%.

Rating agency Standard and Poor's also announced it downgrades the outlook for the US bank.

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