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S&P Credit Research769 word report
published Sep 12, 2008
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Sept. 12, 2008—Standard&Poor's Ratings Services said today that Washington Mutual Inc.'s (WAMU; BBB-/Negative/A-3) update on its pending third-quarter results does not change our ratings on the company at this time, but highlights the challenges the firm continues to face in this historic weak housing market. WAMU has preannounced that the third-quarter credit provision will be $1.4 billion lower than the second quarter, but will remain quite high at a projected $4.5 billion. Provisions will again almost double the level of expected net loan charge-offs, and the reserve will increase to $10 billion at the end of the third quarter in anticipation of record-high $19 billion mortgage losses over the life of this cycle.
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Washington Mutual Inc. Rating Unaffected By Updated Pending Third-Quarter Results Publication date: 12-Sep-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoors.c...
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| Report Type: | Bulletin
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| Ticker: | WM
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| Issuer: | Washington Mutual, Inc.
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Financial Institutions, Global Issuers, Residential MBS, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
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On Sept. 15, 2008, Standard&Poor's Ratings Services lowered its counterparty credit rating on Washington Mutual Inc. (WAMU) to 'BB-/B' from 'BBB-/A-3'. We also lowered our rating on Washington Mutual Bank to 'BBB-/A-3' from 'BBB/A-2'. The outlook ...
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On Sept. 9, 2008, Standard&Poor's Ratings Services revised its outlook on Washington Mutual Inc. (WAMU) and Washington Mutual Bank to negative from stable. At the same time, we affirmed the 'BBB-' long-term and 'A-3' short–term counterparty ...
- Washington Mutual Inc. Downgraded, Removed From CreditWatch; Outlook Stable $100.00
NEW YORK (Standard&Poor's) July 23, 2008--Standard&Poor's Ratings Services said today that it lowered its counterparty credit rating on Washington Mutual Inc. (WAMU) to 'BBB-/A-3' from 'BBB/A-2' and removed all ratings from CreditWatch Negative ...
