Counterparty credit ratings: A+/Stable/A-1 Standard&Poor's states that Wells Fargo&Co.'s ratings remain unaffected by the company's announcement today of anticipated second-quarter special charges. Wells Fargo&Co. announced that it will recognize special after-tax charges totaling about $1.06 billion in the second quarter. These charges relate almost entirely to reductions in the market value of public and private securities held by the firm in its venture capital business. These securities, especially those of companies in the telecommunications and technology sectors, have had a pronounced deterioration in value. While Wells Fargo has maintained relatively conservative valuation policies regarding much of its venture capital investments, accounting standards had required that valuations reflect the then buoyant market for such stocks
