Fitch Downgrades JPM To A+, Watch Negative

Submitted by Tyler Durden on 05/11/2012 - 16:30 Commercial Paper default DVA Egan-Jones Egan-Jones Fitch JPMorgan Chase Morgan Stanley NRSRO Prop Trading Rating Agencies ratings Real estate Risk Management Volatility

Update: now S&P is also one month behind Egan Jones: JPMorgan Chase & Co. Outlook to Negative From Stable by S&P. Only NRSRO in pristinely good standing is Moodys, and then the $2.1 billion margin call will be complete.

So it begins, even as it explains why the Dimon announcement was on Thursday - why to give the rating agencies the benefit of the Friday 5 o'clock bomb of course:

• JPMorgan Cut by Fitch to A+/F1; L-T IDR on Watch Negative

What was the one notch collateral call again? And when is the Morgan Stanley 3 notch cut coming? Ah yes:

So... another $2.1 billion just got Corzined? Little by little, these are adding up.