Friday, September 12, 2008

WaMu Credit Rating Cut to JUNK Status -- Implosion Imminent

Washington Mutual was downgraded to below investment-grade status by Moody's Investors Service, after the largest U.S. savings and loan projected a $4.5Billion third-quarter increase in reserves for bad loans but said it has more than enough capital. Washington Mutual said it expected the third-quarter increase in loss reserves to decline from $5B

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