"According to JPMorgan Chase & Co. and its chairman and CEO, Jamie Dimon, a fortress balance sheet is one that is “unquestionably strong” with suitable reserves, strong capital ratios, and strong credit ratings. Essentially, a fortress balance sheet allows a company to withstand difficult events while maintaining the flexibility to still deploy capital as it sees fit.
A fortress balance sheet should be able to withstand severe shocks, particularly those that “come out of the woodwork” with little to no warning, like contingent liabilities and covenant breaches, all while maintaining the ability to make deals. John J. Tus, vice president and corporate treasurer at Honeywell International, said this is important because “companies that do the best deals do them at the trough of the market, not at the peak.” Underlining the importance of maintaining a good credit rating, he also said: “During good times, ratings determine what you pay for capital. In bad times, they determine your access to capital.”
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