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S&P Credit Research844 word report
published Jul 23, 2008
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S&P Credit Research
| Abstract: | 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 where they were placed March 6, 2008. The outlook is stable. "The rating action reflects a higher-than-expected second-quarter loss of $3.3 billion and the higher loss severities on option adjustable-rate mortgages (ARMs) located in the most troubling housing markets--California and Florida. The lower ratings reflect the concentration of residential mortgage-related loans that are on track to reach a new high peak-of-cycle loss," said Standard&Poor's credit analyst Victoria Wagner. The depth and diversification of WAMU's deposit base and the solid liquidity position
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| Brief Excerpt: | RESEARCH Ratings Definitions Washington Mutual Inc. Downgraded, Removed From CreditWatch; Outlook Stable Publication date: 23-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: | 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 ...
- Bulletin: Washington Mutual Inc. Rating Unaffected By Updated Pending Third-Quarter Results $100.00
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NEW YORK (Standard&Poor's) Sept. 9, 2008--Standard&Poor's Ratings Services today said it 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 ...
- Research Update: Washington Mutual Inc. Outlook Revised To Negative From Stable; Ratings Affirmed $175.00
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 ...
