EFTA01181897.pdf

From: US GIO To: Undisclosed recipients:; Subject: JPMorgan U.S. Credit Analyst Focus List: 3Q12 Date: Wed, 24 Oct 2012 16:09:48 +0000 Attachments: AFL_Master_Oct-2012.pdf Inline-Images: imagel.gif North America Credit Research U.S. Credit Analyst Focus List: 3Q12 High Grade and High Yield Ideas This is our twenty-second quarterly Analyst Focus List (AFL) highlighting our sector analysts' best ideas. Market conditions have been strong since our July AFL. Lower-rated bonds have outperformed higher-rated peers, and the new issue pace has been frantic. But the tone from large companies has recently turned sobering. And election uncertainty and the "fiscal cliff' loom large. All this makes corporate credit feel less like a one-way street as we went to press. But we believe credit selection can add alpha in any sort of market. And many of our analysts' best ideas appear, as they have for over five years, in this quarterly publication. Consistent with our past practice, analysts can add or delete recommendations to this AFL list at any time. For example, names may be removed intra-quarter if a valuation target has been largely or wholly achieved or the original rationale is no longer valid. Changes will be posted, with the analyst's rationale, on MorganMarkets. Please check MorganMarkets for the most up-to-date AFL at any time. We hope you find the ideas contained thought-provoking and helpful. David Common. CFA Arun N. Kumar. CPA H h Yield Credit Research HI h Grade Credit Research J.P. Morgan Secuntes LLC J.P. Morgan Securities LLC I certify that all of the views expressed in this research email accurately reflect my personal views about any and all of the subject securities or issuers; and that no part of my compensation was, is. or will be directly or indirectly related to the specific recommendations or views expressed herein. This email communication is for informational purposes only. II is not intended as an offer or oalichalion gar the purchase or sale of any financial instrument or az an official confirmation of any tr.unaction. Opinions. estimates and assumptions expressed harm art• made az of the date of this communication and are subject to change without notice. This email communication has been prepared based iron information, including market prices. data and other information. believed to be reliable: however. I.P. Morgan does not warrant its completeness or accuracy. Pat performance is not indicative of future letallb. Before making an investment decision regarding any security or company relened in this email communication, you should refer to the most recent published research for the views and analysis of the analyst. including the investment !hens and valuation and risk. regarding such secunly or company. Additional information is available upon request. Confidentiality and Security Notice: This transmission may contain information that is privileged. C0Ofidellilat, legally privileged. andkir exempt from disclosure under applicable law. If you are not the intended recipiem• you arc hereby notified that any disclosure. copying• distribution, or use of the information contained herrin (including any reliance thereon) is STRICTLY PROHIBITED. Although this transmission and any attachments are b:lieved to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by 'Morgan Chase & Co.. its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in ellor, please immediately contact the sender and destroy the material in its entirety, whether in electronic or had copy format. This red' is confidential mid sabre to On t disclaimer, and condition% includi an offers far the purctor er sale of sc.-wirier. weary and completeness of informaiee. virtue.. onnfidentialriy. legal privikge. and legal tori ydisclaimers. available is EFTA01181897