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S&P Credit Research400 word report
published Feb 13, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Feb. 13, 2009--Standard&Poor's Ratings Services said today that the announcement by Wells Fargo&Co. (AA/Negative/A-1+) that it will be restating its year-end 2008 results to reflect a noncash pretax charge of $328.4 million because of other than temporary impairment charges it has taken on investments in preferred stock does not affect the ratings or outlook on the company. This new charge has reduced Wells Fargo's 2008 net income to $2.66 billion from $2.84 billion. These securities were held at fair value, and the unrealized losses were captured in other comprehensive income in the company's equity under U.S. generally accepted accounting practices at year-end 2008. Therefore, this is not a material change to
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Wells Fargo & Co.'s Restatement Of Year-End Results Does Not Affect Ratings Or Outlook Publication date: 13-Feb-2009 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpo...
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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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