WaMu Responds to Moody's Downgrades
SEATTLE, Sep 11, 2008 (BUSINESS WIRE) -- In response to today's ratings action
by Moody's Investor Service, Washington Mutual, Inc. (NYSE:WM) had the following
statement:
"We believe that Moody's decision to reduce the ratings of Washington Mutual,
Inc. to below investment grade is inconsistent with the company's current
financial condition, as outlined in the press release we issued earlier this
afternoon. The action by Moody's appears to reflect the current uncertainty in
the markets, rather than a thorough evaluation of Washington Mutual's business,
the strength of its national franchise and the steps it is taking to return to
profitability. Moody's rating for Washington Mutual Bank remains investment
grade, and Washington Mutual, Inc.'s and Washington Mutual Bank's ratings remain
"investment grade" at other rating agencies. None of Washington Mutual, Inc.'s
or Washington Mutual Bank's unsecured debt is subject to ratings-based financial
covenants that would result in acceleration or early maturity events or
defaults. The company does not expect the impact of Moody's actions on
borrowings, collateral or margin requirements to be material. The company has no
intention to suspend dividends on its preferred stock as a result of Moody's
action."
Important Cautionary Statements
The foregoing statement may contain forward-looking statements and should be
read in conjunction with the press release the company issued earlier this
afternoon.
SOURCE: Washington Mutual, Inc
AI
