S&P takes WaMu Bank to edge, citing panic
Standard & Poor’s last (Monday) night cut the rating of Washington Mutual Bank (WMB) from BBB to BBB-, and Washington Mutual Inc from BBB- to BB-. The downgrade follows Moody’s downgrade of WMB, the sponsor bank of WaMu’s covered bond programme, from Baa2 to Baa3 last Thursday.
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