S&P Cuts Washington Mutual Ratings

``S&P sent WaMu one notch lower to a "BBB+" and said its ratings outlook is negative. That means the agency thinks it may cut the rating further in the next six to 18 months. The rating is still investment-grade. "The weak earnings for 2007 and the prospects for similar performance in 2008 are beyond the tolerance for the 'A' rating on the bank," said Standard & Poor's credit analyst Victoria Wagner.'' -- COUGHoptionARMsCOUGH