Fitch Ratings said on Friday it downgraded J.P. Morgan Chase & Co.'s long-term credit rating to A-plus from AA-minus, saying that while the $2 billion trading loss disclosed by the bank on Thursday is "manageable," the potential reputational risk and risk-governance issues raised are no longer consistent with an AA-minus rating
"The magnitude of the loss and ongoing nature of these positions implies a lack of liquidity," Fitch said in a statement after the stock market closed
"It also raises questions regarding J.P. Morgan's risk appetite, risk management framework, practices and oversight; all key credit factors."
Shares of J.P. Morgan closed down 9.3% on Friday and slipped further in after-hours trading
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