NEW YORK (Standard&Poor's) Feb. 13, 2009--Standard&Poor's Ratings Services said today that the announcement by Wells Fargo&Co. (AA/Negative/A-1+) that it will be restating its year-end 2008 results to reflect a noncash pretax charge of $328.4 million because of other than temporary impairment charges it has taken on investments in preferred stock does not affect the ratings or outlook on the company. This new charge has reduced Wells Fargo's 2008 net income to $2.66 billion from $2.84 billion. These securities were held at fair value, and the unrealized losses were captured in other comprehensive income in the company's equity under U.S. generally accepted accounting practices at year-end 2008. Therefore, this is not a material change to
