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S&P Credit Research912 word report
published Oct 21, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Oct. 21, 2009--Standard&Poor's Ratings Services said today that Wells Fargo&Co.'s (WFC; AA-/Negative/A-1+) third-quarter earnings report does not affect the ratings. WFC's pretax preprovision income is holding up better than we expected thanks to improving funding costs and continued strong mortgage banking income, including hedging gains on mortgage-servicing rights net of write-downs. The Wachovia merger appears to be tracking favorably against management's original assumptions. Management now estimates merger costs to be only $5.5 billion versus the original assumption of $7.9 billion, and cost savings should continue to produce positive operating leverage. Management's original loss assumptions on the Wachovia loan portfolios are also tracking better than planned, notably in the Pick-a-Pay portfolio. Although
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Wells Fargo & Co. Rating Unaffected By Reported Third-Quarter Earnings Publication date: 21-Oct-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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