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S&P Credit Research564 word report
published Jul 22, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) July 22, 2009--Standard&Poor's Ratings Services said today that its ratings on Wells Fargo&Co. (WFC) are unaffected by earnings reported today. WFC turned in another quarter of what we see as strong earnings in view of the weak economy and the continued sharp deterioration in its loan portfolio. Solid business activity across fee income and loan generating businesses drove revenue growth. Mortgage banking was a strong driver and included $1 billion of net mortgage servicing rights hedging gains. Despite higher interest rates on mortgages, we expect this business to remain strong, at least through the next quarter. As in the first quarter, Wachovia looks to have been a strong contributor to the
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Wells Fargo & Co. Ratings Unaffected By Strong Second-Quarter Earnings Publication date: 22-Jul-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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