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Moody's assigns ratings to JPMorgan German unit

Moody's on March 29 assigned J.P. Morgan AG long- and short-term foreign- and domestic-currency issuer ratings of A1/P-1 and deposit ratings of Aa2/P-1.

The rating agency also assigned the bank long- and short-term counterparty risk assessments of Aa2(cr)/P-1(cr) and a baseline credit assessment and adjusted baseline credit assessment of "a3." The ratings outlook is stable.

J.P. Morgan AG is a wholly owned subsidiary of JPMorgan Chase & Co. Moody's considers the German unit as economically indistinguishable from the group, meaning its creditworthiness will be driven by the same factors driving the baseline credit assessment of its U.S.-based parent.