Moody's lifts Bear Stearns

Moody's Investors Service said it upgraded its debt ratings on Bear Stearns Cos. Inc. and subsidiaries.

Moody's said it raised the debt ratings of the Bear Stearns entities to the level of JPMorgan Chase & Co.'s ratings, noting that the senior debt ratings at the Bear Stearns entities were raised to Aa2 from Baa1, while the ratings on subordinated and preferred debt were raised to Aa3 and A1, respectively, from Baa2 and Ba1, respectively.

The commercial paper and other short-term ratings were raised to Prime-1 from Prime-2, the agency said.

The outlook is stable.

Moody's noted that JPMorgan will not guarantee or otherwise formally support obligations of Bear Stearns Securities Corp., bud added that it believes that JPMorgan will not treat the obligations of this subsidiary differently than its other obligations.

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