SEATTLE--(BUSINESS WIRE)--Sept. 11, 2008--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
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.
CONTACT: Washington Mutual, Inc.
Derek Aney, 206-500-6094 (Seattle)
212-326-6075 (New York)
Alan Magleby, 206-500-4148 (Seattle)
212-702-6955 (New York)
SOURCE: Washington Mutual, Inc.