by Calculated Risk on 9/24/2008 11:51:00 AM

From MarketWatch:

[S&P] ... lowered Washington Mutual Inc.'s counterparty credit rating to "poor quality" of CCC/C from BB-/B. "The downgrade was due to the increased likelihood that a potential sale of the company may not involve the whole company, which increases the risk of default for holding company creditors," said Victoria Wagner, an S&P credit analyst.
emphasis added

Is it Friday yet?