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S&P lowers Wachovia
Standard & Poor's said it lowered its counterparty credit rating on Wachovia Corp. to A+/A-1 from AA-/A-1+.
At the same time, the agency said that it lowered its long-term counterparty credit rating on Wachovia Bank NA to AA- from AA.
All ratings are removed from CreditWatch negative where they were placed June 2, S&P said.
The outlook is stable.
According to the agency, Wachovia posted an after-tax loss of $8.9 billion, which included a sizable $6.1 billion goodwill write-off and a $975 million charge for the change in tax treatment of certain leasing transaction.
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