| Abstract: | NEW YORK (Standard&Poor's) July 22, 2008--Standard&Poor's Ratings Services said today that it lowered its counterparty credit rating on Wachovia Corp. to 'A+/A-1' from 'AA-/A-1+'. At the same time, we lowered our long-term counterparty credit rating on Wachovia Bank N.A. to 'AA-' from 'AA'. All ratings are removed from CreditWatch Negative where they were placed June 2, 2008. The outlook is stable. Wachovia posted an after-tax loss of $8.9 billion, which included a sizable $6.1 billion goodwill write-off and a $975 million charge for the change in tax treatment of certain leasing transaction (SILOs). The quarterly loss also included an oversize loan-loss provision of $5.6 billion that added $4.2 billion to the loan-loss reserve. The sizable noncash
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| Brief Excerpt: | RESEARCH Ratings Definitions Wachovia Corp. Downgraded To 'A+/A-1', Removed From CreditWatch; Outlook Stable Publication date: 22-Jul-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | WB
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| Issuer: | Wachovia Corporation
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| GICS: | Diversified Banks (40101010)
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Public Finance, Residential MBS, Structured Finance, Utilities
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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