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Ubi bene ibi patria
"NEW YORK (CNNMoney.com) -- Washington Mutual had its credit rating lowered to junk Monday by Standard & Poors amid continuing weakness in the housing market.
The action follows downgrades of the nation's largest savings-and-loan by Fitch Ratings and Moody's last week as WaMu tries to reassure nervous investors that it has the ability to survive the credit crunch.
"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," said Victoria Wagner, an S&P credit analyst, who lowered the bank's rating to BB- with a negative outlook.
Last week, Fitch Rating lowered WaMu (WM, Fortune 500) to BBB- with a negative outlook, while Moody's took it down into junk territory with a Baa3 rating with a negative outlook."
WaMu lowered to junk by S&P - Sep. 15, 2008
The action follows downgrades of the nation's largest savings-and-loan by Fitch Ratings and Moody's last week as WaMu tries to reassure nervous investors that it has the ability to survive the credit crunch.
"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," said Victoria Wagner, an S&P credit analyst, who lowered the bank's rating to BB- with a negative outlook.
Last week, Fitch Rating lowered WaMu (WM, Fortune 500) to BBB- with a negative outlook, while Moody's took it down into junk territory with a Baa3 rating with a negative outlook."
WaMu lowered to junk by S&P - Sep. 15, 2008
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