Standard & Poor's has affirmed its ratings of Chase Manhattan Corp. and its subsidiaries and removed them from CreditWatch, where they were placed in October, with positive implications.

The rating agency noted the instability in global capital markets and weakness in the economic outlook for certain emerging markets could affect the banking company's near-term prospects.

Nevertheless, the agency said Chase's increased diversity since its merger with Chemical Banking Corp. could justify an upgrading in the next few years, particularly if it performs better than multinational-bank peers through the next economic cycle.

Chase is rated A-minus; its preferred stock, BBB-plus; and its issuer credit rating is A.

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