Fitch Affirms JPMorgan Chase Bank After Bank Consolidation.

NEW YORK -- Following the completion last month of the merger of Bank One, NA, Chicago and Bank One, NA, Columbus, into JPMorgan Chase Bank, Fitch has affirmed the ratings for the surviving bank and withdrawn the issuer ratings for the merged entities, although will maintain ratings on existing and still outstanding debt obligations of the merged entities (see below).

JPMorgan Chase Bank has also converted its charter to a national bank and amended the name of the bank to JPMorgan Chase Bank, NA. Following this consolidation, the bank has assets of approximately $945 billion and is the lead bank of JPMorgan Chase & Co. (JPMC), one of the largest U.S. bank holding companies. JPMC continues to operate a limited number of other bank subsidiaries including Chase Manhattan Bank, USA, NA.

In addition, Fitch has withdrawn ratings due to redemption and/or maturity of remaining rated debt obligations, as per the list below.

Ratings affirmed by Fitch:

JPMorgan Chase Bank, NA (formerly JPMorgan Chase Bank):

-- Individual at 'B';

-- Short-term deposits at 'F1+';

-- Short-term debt at 'F1+';

-- Long-term deposits at 'AA-';

-- Long-term senior debt at 'A+';

-- Subordinated debt at 'A';

-- Support at '1';

-- Rating Outlook Positive.

Banc One Financial LLC (formerly Banc One Financial Corp.):

-- Short-term debt at 'F1';

-- Support at '5';

-- Rating Outlook Positive.

Issuer ratings withdrawn, specific debt ratings affirmed:

Bank One, NA (Chicago)

-- Individual rating withdrawn; formerly 'B';

-- Long-term issuer withdrawn; formerly 'A+';

-- Long-term deposits affirmed at 'AA-';

-- Long-term senior debt affirmed at 'A+';

-- Short-term issuer withdrawn; formerly 'F1+';

-- Short-term debt affirmed at 'F1+';

-- Short-term deposits affirmed at 'F1+';

-- Subordinated debt withdrawn; formerly 'A';

-- Support withdrawn; formerly '1'.

Bank One, NA (Columbus):

-- Individual rating withdrawn; formerly 'B';

-- Long-term issuer withdrawn; formerly 'A+';

-- Long-term senior debt affirmed at 'A+';

-- Long-term deposits affirmed at 'AA-';

-- Short-term issuer withdrawn; formerly 'F1+';

-- Short-term deposits affirmed at 'F1+';

-- Subordinated debt withdrawn; formerly 'A';

-- Support withdrawn; formerly '1'.

Ratings withdrawn:

Bank One West Virginia, NA:

-- Individual rating; formerly 'B';

-- Long-term issuer; formerly 'A+';

-- Long-term deposits; formerly 'AA-";

-- Short-term issuer; formerly 'F1+';

-- Short-term deposits; formerly 'F1+';

-- Subordinated debt; formerly 'A';

-- Support; formerly '1'.

Chemical Banking Corp.:

-- Senior debt, formerly 'A+';

Trust preferred subsidiaries:

Chase Capital IV, V, VII

-- Withdrawn due to redemption, formerly 'A'.

Bank One Capital Trust II, III, IV, V, VI

-- Affirmed at 'A';

-- Rating Outlook Positive.

Chase Capital I, II, III, VI, VIII:

-- Affirmed at 'A';

-- Rating Outlook Positive.

First Chicago NBD Capital I:

-- Affirmed at 'A';

-- Rating Outlook Positive.

JPM Capital Trust I and II:

-- Affirmed at 'A';

-- Rating Outlook Positive.

JPMorgan Chase Capital IX, X, XI, XII, XIII, XIV:

-- Affirmed at 'A';

-- Rating Outlook Positive.