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S&P Credit Research1164 word report
published Dec 19, 2008
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Dec. 19, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on Wells Fargo&Co. and its subsidiaries one notch to 'AA' from 'AA+', affirmed the 'A-1+' short-term rating on Wells Fargo, and removed the long-term ratings from CreditWatch Negative where they were placed on Oct. 3, 2008. The outlook is negative. The rating action reflects our more negative view regarding bank industry risk and losses--both of which are greater than we previously believed. Now that a longer global recession is more probable, we expect higher levels of stress for financial institutions than those experienced during a typical business-cycle trough. The downgrade was made in conjunction with our
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| Brief Excerpt: | RESEARCH Ratings Definitions Wells Fargo & Co. Ratings Lowered To '##' From '##+'; Off CreditWatch Neg; Outlook Negative Publication date: 19-Dec-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoors.c...
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| Report Type: | Ratings Action
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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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