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Ratings Review -- Oct. 10, 2002.
Byline: Gerald C. Magpily
Credit rating agency Standard & Poor's upgraded its ratings on Homeside Lending Inc. following the Oct. 1 completion of Seattle-based Washington Mutual Inc.'s $1.3 billion cash takeover of the mortgage provider.
S&P raised its long-term counterparty credit and senior unsecured debt ratings on Homeside to single-'A'-minus from triple-'B'. The ratings were also removed from CreditWatch, where they were placed on Aug. 28, 2002, when the deal was announced. The 'A-2' short-term counterparty credit and senior unsecured ratings on Homeside were also affirmed. The S&P outlook on the company is now stable.
Homeside was the …
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