S&P downgrades Washington Mutual

Calcutta News.Net
Wednesday 24th September, 2008

Standard & Poor's Ratings Service has downgraded the creditworthiness of US bank, Washington Mutual.

The bank has been put into the junk category after investors questioned its potential sale or government intervention in the face of its plunging stock price.

Washington Mutual has fallen 83 percent so far this year.

The fate of the ailing Seattle-based company has been in the balance as management looked for a suitor in a struggling bank market, where other institutions are dealing with capital constraints.

Washington Mutual has assured customers that Standard & Poor's rating actions will not affect the overall safety of customer deposits, which are partially insured by the FDIC.

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