DBRS Latest to Scrutinize WaMu

Rating agency DBRS has placed all of Washington Mutual's ratings under review with negative implications after Standard & Poor's downgraded WaMu's unsecured debt to "junk" levels. Responding to the S&P downgrade, WaMu noted that S&P's ratings for Washington Mutual Bank remain at investment-grade level. WaMu also noted that none of its unsecured debt is subject to ratings-based financial covenants that would accelerate payments or trigger early maturity or default. The company said it does not expect the rating downgrade to have a material impact on borrowings, collateral, or margin requirements. Moody's Investors Service had downgraded WaMu last week. Trading in WaMu's stock was mixed on Tuesday, with the company's share price closing at $2.32, up 32 cents on the day.