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S&P Credit Research680 word report
published Jul 20, 2009
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S&P Credit Research
| Abstract: | Wells Fargo&Co. should continue to weather the problems in the banking industry in better shape than many others. First-quarter 2009 earnings, at 0.98% return on adjusted assets despite heavy reserve-building, attest to the organization's earnings power and the benefits of the Wachovia merger. Preprovision earnings should remain strong thanks to both Wells' and Wachovia's strong client franchises in retail and middle-market lending. In addition to the operational risks of a large merger, the assets acquired from Wachovia may prove riskier than Wells anticipated. However, Standard&Poor's Ratings Services believes that purchase accounting adjustments made to asset values at the time of the acquisition provide significant protection against potential losses. These include $40 billion for $93 billion unpaid
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Wells Fargo & Co. Publication date: 20-Jul-2009 Primary Credit Analyst: Tanya Azarchs, New York (1) 212-438-7365; tanya_azarchs@standardandpoors.com Secondary Credit Analyst: John K Bartko, C.P.A.,...
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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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