NEW YORK (Standard&Poor's) July 22, 2009--Standard&Poor's Ratings Services said today that its ratings on Wells Fargo&Co. (WFC) are unaffected by earnings reported today. WFC turned in another quarter of what we see as strong earnings in view of the weak economy and the continued sharp deterioration in its loan portfolio. Solid business activity across fee income and loan generating businesses drove revenue growth. Mortgage banking was a strong driver and included $1 billion of net mortgage servicing rights hedging gains. Despite higher interest rates on mortgages, we expect this business to remain strong, at least through the next quarter. As in the first quarter, Wachovia looks to have been a strong contributor to the
