Fitch cuts WaMu

Fitch Ratings said it downgraded Washington Mutual, Inc.'s long-term issuer default rating to BBB- from BBB and short-term issuer default rating to F3 from F2.

The outlook is negative.

Fitch said the actions reflect expectation for continuing asset quality challenges amid market conditions that are considered the most difficult in several decades for U.S. retail banks, particularly those with a concentration in residential mortgage assets.

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