Moody’s cuts WaMu rating
From Times Staff and Wires
Moody’s Investors Service cut Washington Mutual Inc.’s credit rating and said the Seattle-based savings and loan would need at least $4 billion more than expected to cover bad mortgages in 2008.
Moody’s said its action reflected a “rapid deterioration” of the housing market in the first few months of the year, echoing another rate cut by Standard & Poor’s a week ago.
