Feel The Whoo Hoo!
Sept. 15 (Bloomberg) -- Washington Mutual Inc., the biggest U.S. savings and loan, had its credit rating cut to junk by Standard & Poor's because of the deteriorating housing market.
S&P reduced its rating on Seattle-based WaMu to BB- from BBB-, leaving it three levels below investment grade, the ratings firm said today in a statement.
"Increasing market turmoil and the related impact from managing its concentrated mortgage franchise in this troubled housing and credit cycle led to the downgrade," S&P wrote. S&P cut its rating on the subsidiary bank to BBB- from BBB.
Whoo Hoo(TM)! Who's got the shitty credit rating now?
Couldn't have happened to a bigger bunch of bastards.
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