Moody's Investors Service placed all outstanding bonds issued from the Washington Mutual Master Note Trust and the Washington Mutual Master Trust (WMMNT, PGMT, and PMNT), except for those bonds scheduled to mature in the next three months, on review for downgrade because of the continued collateral performance deterioration.

Although Moody's had recently affirmed the ratings on all outstanding notes from the trusts on March 17, during that time, the firm stated that collateral performance was expected to deteriorate. In the March 17 release, the rating agency said  that it had increased the expected charge-offs on WaMu's credit card trusts to 10% to 12% from 9% to 11%.

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