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Strategies & Market Trends : The Residential Real Estate Crash Index
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From: Smiling Bob9/22/2008 4:30:07 PM
of 306849
 
Martin Short working as an analyst at Moodys?
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Moody's cuts WaMu preferred stock to 'most speculative'

By Sue Chang
Last update: 4:18 p.m. EDT Sept. 22, 2008
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Monday lowered Washington Mutual's (WM
Washington Mutual Inc
WM) preferred stock to the "most speculative" grade of Ca from B2 and placed all ratings of Washington Mutual Inc. (WM
WM) and Washington Mutual Bank on review for possible downgrade. The ratings agency also cut Washington Mutual Bank's financial strength rating to E from D+. "Although Moody's believes that the U.S. Treasury's $700 billion asset purchase program has the potential to restore confidence in U.S. banks, benefits of the program to WaMu are uncertain in the short-term. WaMu's troubled asset portfolios are sizeable in relation to its capital base," said Moody's in a statement. It added that although details of the program are still being worked out, potential mark-downs are likely to erode its capital position. WaMu also needs to restore investors' confidence and stabilize its funding base immediately whereas the implementation of the Treasury's proposed program may take time, Moody's said. The ratings agency currently rates WaMu's senior unsecured debt at Ba2 and subordinate debt at Ba3 while Washington Mutual Bank's deposits and senior unsecured debt are rated at Baa3. End of Story
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