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WaMu Rating Lowered to Junk by S&P on Mortgage Losses
 
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WaMu Rating Lowered to Junk by S&P on Mortgage Losses


Washington Mutual Inc., the biggest U.S. savings and loan, had its credit rating cut to junk by Standard & Poor's because of the deteriorating housing market.

S&P reduced its rating on Seattle-based WaMu to BB- from BBB-, leaving it three levels below investment grade, the ratings firm said today in a statement.

``Increasing market turmoil and the related impact from managing its concentrated mortgage franchise in this troubled housing and credit cycle led to the downgrade,'' S&P wrote. S&P cut its rating on the subsidiary bank to BBB- from BBB


http://www.bloomberg.com/apps/news?pid=20601087&sid=awDjhtIfoz_Q
 

 
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