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S&P Credit Research1164 word report
published Jun 17, 2009
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S&P Credit Research
| Abstract: | We believe Wells will likely perform better than peers amid the increased industry risk. We have lowered our rating on Wells Fargo to 'AA-/A-1+'. Wells' capital increase of $8.6 billion served to limit the extent of the downgrade. On June 17, 2009, Standard&Poor's Ratings Services downgraded Wells Fargo&Co. to 'AA-/A-1+' from 'AA/A-1+'. We also lowered our counterparty credit ratings on related entities to 'AA/A-1+' from 'AA+/A-1+', and removed them from CreditWatch Negative, where they where placed May 4, 2009. The outlook is negative. The downgrade follows an industry review and our recent criteria on stress testing and U.S. banks. We expect Wells Fargo to continue to weather the problems of the industry in better shape than
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: S&PCORRECT: Wells Fargo & Co. Downgraded To '##-/A-1+' From '##/A-1+'; Outlook Negative Publication date: 17-Jun-2009 Primary Credit Analyst: Tanya Azarchs, New York (1) 212-438-7365;...
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| Report Type: | Research Update
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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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