Fitch: Washington Federal on watch

Fitch Ratings said it placed Washington Federal Inc. and its subsidiary's ratings on rating watch negative to reflect the sizable increase of nonperforming assets that have accumulated over the last six months.

Fitch noted that it is mindful of Washington Federal's previous history of strong asset quality; however, macro-economic trends in the Pacific Northwest have placed an unprecedented level of stress on real estate values.

Consequently, the ratio of nonperforming assets to loans and other real estate owned increased to 5.34% from 3.23% at year-end 2008 and 0.20% at year-end 2007, the agency noted.

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