| Abstract: | On Sept. 26, 2008, Standard&Poor's Ratings Services revised its counterparty credit rating and senior unsecured debt ratings on Washington Mutual Inc. (WaMu) to 'D' from 'CCC'. At the same time, Standard&Poor's revised its subordinated debt and preferred stock ratings on WaMu to 'D' from 'CC'. JPMorgan Chase&Co. (JPM; AA-/Negative/A-1+) has agreed to acquire all of Washington Mutual Bank's deposits, so we raised the uninsured deposit rating on Washington Mutual Bank to 'AA-/A-1+' from 'BBB-/A-3'. However, JPM did not acquire the bank's senior and subordinated debt, so those debts reside in the FDIC receivership. Therefore, we also revised the counterparty credit rating on Washington Mutual Bank to 'R' from 'BBB-' and the senior unsecured debt
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Washington Mutual Inc. Ratings Revised To 'D' After Receivership And Sale To JPMorgan Chase Publication date: 26-Sep-2008 Primary Credit Analysts: Victoria Wagner, New York (1) 212-438-7406;...
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| Report Type: | Research Update
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| Ticker: | 28857Z
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| Issuer: | Washington Mutual Bank
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Insurance, Public Finance, Residential MBS, Structured Finance
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| Country: | United States
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| Region: | United States
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