NEW YORK (Standard&Poor's) Jan. 21, 2010—Standard&Poor's Ratings Services said today that the quarterly results reported by Well Fargo&Co. (AA-/Negative/A-1+) will not affect its ratings on the company. Wells finished the year maintaining its moderate level of income that is above industry averages. While clearly exhibiting pressures from the recessionary conditions, the firm was also able to extend its good linked-quarter revenue trends because of continued robustness in the mortgage business and synergistic revenue gains from the Wachovia acquisition. The pretax margin was a still-respectable 19% for the quarter after adjusting for $261 million of litigation-settlement expenses. Credit costs moderated as the reserve building slowed from the prior quarter. However, net charge-offs increased as loan
