If Washington Mutual were to fail, it would be the largest collapse of a banking institution in U.S. history, the AP article said.

Over the past week, both Moody's Investor Services and Standard & Poor's downgraded the firm's long-term debt ratings to below investment grade or so-called junk status.

Despite the fact that WaMu's current condition has not changed materially, the downgrades could "curtail WaMu's ability to raise brokered deposits and the downgrade could limit the company's funding options for the intermediate to long term even if the near term impact is not material," according to CreditSights.

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