S&P: Washington Mutual unaffected

Standard & Poor's said its ratings on Washington Mutual Inc. (A-/positive/A-2) will remain unchanged following the company filing restated financial statements for 2005 and first-quarter 2006, which were released in the Aug. 9 & 10 filings of the company's 10-K/A and first-quarter 10-Q/A.

The agency said that the restatements follow the completion of a comprehensive review and reconciliation of current and deferred income tax accounts resulting in a $337 million reduction to retained earnings representing cumulative adjustments to net income for 2001 and prior periods.

S&P noted that the adjustments primarily resulted from corrections of tax accounting records related to matters at the company and predecessor companies, including H.F. Ahmanson & Co., Great Western Financial Corp. and American Savings Bank, which were all acquired in the late 1990s.

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