Moody's alters Washington Federal view to negative

Moody's Investors Service said it changed the outlooks on Washington Federal, Inc. (WaFd) and its lead bank, Washington Federal Bank (WaFd Bank) to negative from stable.

"The outlook change reflects the significant reduction in WaFd's capitalization in 2021, which has both weakened its protection against unexpected losses and also magnified its concentration risk," said Allen Tischler, a Moody’s senior vice president, in a press release.

The agency affirmed both entities Baa1 issuer ratings and WaFd's non-cumulative preferred stock at Baa3 (hyb).

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