SAN FRANCISCO (MarketWatch) -- Standard & Poor's Ratings Services on Wednesday lowered Washington Mutual Inc.'s counterparty credit rating to "poor quality" of CCC/C from BB-/B. "The downgrade was due to the increased likelihood that a potential sale of the company may not involve the whole company, which increases the risk of default for holding company creditors," said Victoria Wagner, an S&P credit analyst. S&P also lowered WaMu's preferred stock rating to "most speculative" grade of CC from B- to reflect the risk of default of these securities but affirmed Washington Mutual Bank's counterparty credit rating of BBB-/A-3. The outlook remains negative.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
No comments:
Post a Comment