Moody's keeps Bear Stearns on review for upgrade

Moody's Investors Service said it is continuing its review for possible upgrade on Bear Stearns Cos. Inc.'s Baa1 senior debt, Baa2 subordinated debt and Ba1 preferred stock.

The review continues despite the fact that Bear Stearns was set to be acquired by JPMorgan Chase & Co. at the end of the day on Friday. The agency initially believed Bear Stearns would be merged into JPMorgan Chase, but this is not occurring at the outset. Decisions regarding the legal structure continue to evolve.

During the review, Moody's will seek greater clarity on the interim and ultimate legal structure and evaluate the implications for the support of Bear Stearns creditors.

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