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S&P Credit Research870 word report
published Jan 28, 2009
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S&P Credit Research
| Abstract: | On Jan. 28, 2009, Wells Fargo&Co. (AA/Negative/A-1+) reported a fourth-quarter loss of $2.55 billion and 2008 earnings of $2.84 billion. These results were broadly in line with our expectations when we downgraded Wells Fargo on Dec. 19, 2008, and assigned a negative outlook. The ratings reflect our stand-alone credit assessment, with no ratings uplift for government support, and the bank's role as one of the systemically important banks in the U.S. financial system. A sizable loan-loss reserve build of $5.6 billion, a $2.8 billion provision to cover fourth-quarter loan losses, and merger costs associated with the close of the Wachovia acquisition on Dec. 31, 2008, were the main reasons behind the fourth-quarter loss. Underlying the lower earnings for
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Wells Fargo & Co. Publication date: 28-Jan-2009 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoors.com Secondary Credit Analyst: Tanya Azarchs,...
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| Report Type: | Summary
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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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