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Fitch Ratings
Fitch: Washington Mutual Ratings Downgraded and Withdrawn
October 26th, 2008
Following Washington Mutual, Inc.'s (WM) filing of Chapter 11 bankruptcy, Fitch has downgraded the Issuer Default Ratings (IDR) to 'D' and removed them from Rating Watch Negative. Fitch will withdraw the ratings of WM in approximately 30 days. In addition, Fitch has assigned recovery ratings to various WM obligations. Creditors of Washington Mutual Bank (WMB) are dependent upon the FDIC, acting as receiver, for any potential recovery. Aside from the $1.9 billion payment that the FDIC received from JPMorgan Chase for WMB's banking operations, the value of any other assets remaining in the estate remains unclear. As a result, Fitch has assigned a recovery rating of 'RR5'...
Source: Pharma Investments, Ventures & Law Weekly (2008-10-26)
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