.9 billion and $ 3.4 billion at december 31 , 2003 and 2002 , respectively . jpmorgan chase applies the same underwriting standards in making liquidity commitments to conduits as the firm would with other extensions of credit . if jpmorgan chase were downgraded below a-1 , p-1 and , in certain cases , f1 , the firm could also be required to provide funding under these liquidity commitments , since commercial paper rated below a-1 , p-1 or f1 would generally not be issuable by the vehicle