S&P affirms Washington Mutual

Standard & Poor's said it affirmed its ratings on Washington Mutual Inc., including the A/A-2 counterparty credit ratings.

The outlook remains positive.

According to S&P, Washington Mutual's ratings reflect the diversification of its core banking businesses, strong deposit base and capital levels, which should support its overall performance while it operates in this current tumultuous housing and mortgage cycle.

The recent acquisition of Providian Financial Corp. has provided needed business and revenue diversification to Washington Mutual's business profile, as its other core lending lines are concentrated in residential mortgages, HELOCs and multifamily loans, the agency added.

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