Fitch affirms Washington Federal

Fitch Ratings said it affirmed the long- and short-term issuer default ratings for Washington Federal, Inc. at BBB+ and F2, respectively, and downgraded the individual rating to C from B/C.

The outlook remains negative.

Fitch said the affirmation reflects improving asset quality measures and relatively high capital position.

The downgrade reflects the memorandum of understanding from the company's regulator, the Office of Thrift Supervision, about implementing more enterprise risk management processes and procedures as well as the need to enhance policies and procedures with respect to construction lending, portfolio valuation and interest rate risk management, according to the agency.

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