Citibank, JPMorganChase, Bank of America don't have material exposure to WorldCom, S&P says

By Sara Rosenberg

New York, June 27 - Citibank (AA/Stable/A-1+), JPMorganChase Bank (AA/Negative/A-1+) and Bank of America NA (AA-/Stable/A-1+) do not have material exposure to WorldCom Inc., according to Standard & Poor's.

Outstanding loans to WorldCom by these three lenders are small and, for the most part, covered by credit default swaps, S&P said.

Furthermore, even though unfunded commitments are sizable, in the event that WorldCom draws upon these credit facilities, the increased exposure would not be serious enough to warrant a rating action, S&P added.

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