Fitch cuts Washington Federal

Fitch Ratings said it downgraded Washington Federal Inc.'s long-term issuer default rating to BBB from BBB+ and viability rating to BBB from BBB+.

The agency also said it downgraded Washington Federal Savings & Loan's long-term issuer default rating to BBB from BBB+, viability rating to BBB from BBB+, long-term deposits rating to BBB+ from A- and short-term deposits to F2 from F1.

Fitch also said it affirmed both companies' short-term issuer default ratings at F2.

The outlook was revised to stable from negative.

The downgrades primarily reflect the group's continued elevated level of non-performing assets, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.