Printer Friendly

STANDARD & POOR'S RAISES RATINGS OF WASHINGTON MUTUAL

      STANDARD & POOR'S RAISES RATINGS OF WASHINGTON MUTUAL
    SEATTLE, Nov. 7 /PRNewswire/ -- Standard & Poor's Corp. (S&P) has raised three of its ratings of Washington Mutual Savings Bank (NASDAQ: WAMU), the bank announced today.
    S&P upgraded the ratings on Washington Mutual's subordinated debt to BBB- from BB, preferred stock to BB+ from BB and jumbo certificates of deposit to BBB/A-2 from BBB-/A-3.
    The upgrades reflect "improved asset quality, stronger capitalization and higher profitability," S&P said.  The rating agency also cited lower nonperforming assets, higher loan loss reserves, ongoing improvement in core earnings and higher net interest income.
    "The upgraded ratings by S&P confirm the strength of Washington Mutual's strategy of focusing on consumer banking in the Northwest," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer.  "We are also pleased by the upgrades because, in the current industry environment, few other financial institutions have had their ratings raised."
    With assets of $7 billion, Washington Mutual is the Northwest's premier consumer bank, operating 83 financial centers and 18 home loan centers in Washington, Oregon and Idaho.
    -0-                         11/7/91
    /CONTACT:  Scott F. Selby of Washington Mutual Savings Bank, 206-461-3186/
    (WAMU) CO:  Washington Mutual Savings Bank; Standard & Poor's Corp. ST:  Washington IN:  FIN SU:  RTG LM-JH -- SE009 -- 2426 11/07/91 17:21 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 7, 1991
Words:219
Previous Article:APPLIANCE RECYCLING CENTERS OF AMERICA, INC. ANNOUNCES OFFERING OF COMMON STOCK
Next Article:SAFEWAY ANNOUNCES DISCUSSIONS WITH APPLETREE MARKETS
Topics:


Related Articles
Washington Mutual LT Ratings Raised, Off S&PWatch; Great Western's Affirmed
Standard & Poor's Affirms Ratings on Washington Mutual Inc. & Units.
Standard & Poor's CreditWire Headlines.
S&P: Provident Mutual Life Ratings Remain on CreditWatch Positive.
S&P Places Mutual Risk Ratings on CreditWatch Negative.
S&P Lowers and Keeps on WatchNegative Mutual Risk Ratings.
S&P Lowers Mutual Risk Ratings and Keeps Them on Watch.
[0] S&P Lowers Mutual Risk Ratings and Keeps Them on Watch.
S&P: Ratings on Washington Mutual Inc. Revised to 'D' After Receivership and Sale To JPMorgan Chase.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters