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NEW YORK - Fitch Ratings said it has upgraded Bear Stearns' ratings and removed them from positive watch following its approximately $2.2 billion acquisition by JPMorgan Chase & Co.
Bear Stearns shareholders approved JPMorgan's buyout late last month.
The ratings agency said late Monday that it feels JPMorgan will provide Bear Stearns with the same managerial and financial resources as its other units, so it has decided to align Bear's ratings with JPMorgan and its other divisions.
Among the upgrades, Fitch boosted Bear's long-term issuer default rating three notches in investment grade status to "AA-" from "A-" and lifted its short-term issuer default rating to "F1+" from "F2."
Bear's ratings outlook is stable.
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