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S&P Credit Research569 word report
published Apr 22, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) April 22, 2009--Standard&Poor's Ratings Services said today that its rating on Wells Fargo&Co. (WFC; AA/Negative/A-1+) is not affected by the company's just-announced first-quarter earnings. WFC's $2.4 billion earnings after preferred dividends were very positive relative to peers' in the current stressed environment, although they might become less so as the year progresses. Results from Wachovia, which contributed $8.7 of the $21 billion of revenues, boosted earnings substantially. Wachovia's portfolio needed very little in the way of provisions because of purchase accounting adjustments. That effectively means that the first $40 billion of expected losses from risky loans will not run through income. It was comforting to hear that the integration is progressing
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Wells Fargo & Co. Rating Unaffected By Announced First-Quarter Earnings Publication date: 22-Apr-2009 Primary Credit Analyst: Tanya Azarchs, New York (1) 212-438-7365; tanya_azarchs@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | WFC
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| Issuer: | Wells Fargo&Co.
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| GICS: | Diversified Banks (40101010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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