Christian LouboutinNEW YORK, May 11 () -- Fitch Ratings downgraded JPMorgan Chase's long term debt rating to A+ from AA- on Friday after the bank reveals a stunning trading loss, citing reputational risk and risk governance deficiencies.Meanwhile, the rating firm also placed the bank's all parent and subsidiary long-term ratings on negative watch.The rating actions came one day after JPM's disclosure of a 2- billion-dollar trading loss on its synthetic credit positions in its Chief Investment Office.Fitch viewed the size of loss as manageable but believed the potential reputational risk and risk governance issues raised at JPM are no longer consistent with an AA- rating.Despite the downgrade, the rating firm said that JPMorgan Chase is still a dominant player in the U.S. market and keeps growing in global financial market as its capital remains sound and compares well with global peers, providing the bank with sufficient cushion to absorb a material idiosyncratic loss event.Fitch also said that its future moves on the bank's rating will base on how JPM has addressed what Fitch views to be risk management and oversight deficiencies that allowed such a loss to occur.Fitch will also review the potential implications for market confidence in the bank and reputational damage as a result of this loss on both its liquidity profile and counterparty and dealings, according to its statement.
SUVA, Jan. 5 () -- Fiji will host 11 Japanese students affected by the March quake and tsunami for a year in 2012, local media reported here Thursday.The 11 students will be admitted to the Fiji National University (FNU) and various secondary schools around the country.The first batch of students will be arriving in Nadi on Friday with the remaining six students due in the country by mid-February.The five high schools students to arrive Friday will be welcomed by acting minister for Foreign Affairs and International Cooperation Timoci Natuva in a ceremony at the Freebird Institute in Fiji's western city of Nadi.Following the devastating earthquake and tsunami in March last year, Fijian Prime Minister Commodore Voreqe Bainimarama has offered assistance to Japan, saying the government would offer 20 places to university and high school students affected by the disaster.Under the assistance program, students from the affected region will relocate to Fiji for up to one year.Fiji's Minister for Foreign Affairs and International Cooperation Ratu Inoke Kubuabola has said the project was an expression of Fiji's support to the people of Japan generally, and in particular those directly affected by the earthquake and the tsunami in the North Eastern Region of Japan."We all know the valuable contribution Japan has made over the years in the development of our nation and other Pacific nations," Kubuabola said, adding "this is a small way we can show our solidarity with them in their time of need."
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