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S&P Credit Research881 word report
published Sep 15, 2008
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Abstract: NEW YORK (Standard&Poor's) Sept. 15, 2008--Standard&Poor's Ratings Services said today that it 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 is negative. "Increasing market turmoil and the related impact from managing its concentrated mortgage franchise in this troubled housing and credit cycle led to the downgrade of WAMU. The company's weak equity pricing in the markets is also a concern, and it increasingly appears that market conditions could overtake credit fundamentals and leave the company with greatly diminished financial flexibility," said Standard&Poor's credit analyst Victoria Wagner. On a more positive note, we recognize
Brief Excerpt: RESEARCH Ratings Definitions Washington Mutual Inc. Downgraded To '##-/B' From '###-/A-3'; Outlook Negative Publication date: 15-Sep-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoors.com...
Report Type: News
Ticker: WMIssuer: Washington Mutual, Inc.GICS: Thrifts & Mortgage Finance (40102010)Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Financial Institutions, Global Issuers, Public Finance, Residential MBS, Structured FinanceCountry: United StatesRegion: United StatesFree Sample: Click
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S&P Credit ResearchS&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.
