Washington Mutual responds to Moody's downgrades (WM) 2.83 : In response to today's ratings action by Moody's Investor Service, co issues the following statement: "We believe that Moody's decision to reduce the ratings of Washington Mutual to below investment grade is inconsistent with the co'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 co 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."
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