WaMu Says Liquidity, Capital Sufficient

Moody's Investors Service and Fitch Ratings downgraded the company shortly after Washington Mutual issued its press release.

Moody's cut its rating on WaMu to "junk," citing the bank's "reduced financial flexibility, deteriorating asset quality and expected franchise erosion."

WaMu said it believes the "Moody's decision to reduce the ratings of Washington Mutual Inc. to below investment grade is inconsistent with the company's current financial condition, as outlined in the press release we issued [Thursday]. The action by Moody's appears to reflect the current uncertainty in the markets, rather than a thorough evaluation of Washington Mutual's business, the strength of its national franchise and the steps it is taking to return to profitability."