WaMu Debt Cut From ‘Junk’ to ‘Junkier’ (WM)

That's the headline at the Wall Street Journal's MarketBeat blog. I know a lot of depositors are concerned about the bank, that's why we've posted so much on WM but that headline got to me.
I'll link to the post when I stop laughing. Okay. Better now. Here goes-

Donna Kardos reports:

As Washington Mutual Inc. attempts to find a buyer amid the downturn in the real estate business, Standard & Poor’s, citing fears the ailing thrift may not be sold in its entirety, cut the preferred-stock rating on the thrift further into junk territory, while also slashing its junk-level counterparty credit rating five notches closer to default status....

...S&P warned that if WaMu is not acquired in its entirety, “holding company creditors face losses, because the assets at the holding company are not sufficient to cover the full repayment of the $14.4 billion of rated unsecured debt outstanding.”....MORE