NEW YORK (Standard&Poor's) Oct. 12, 2012--Standard&Poor's Ratings Services today said its ratings on Wells Fargo&Co. (WFC; A+/Negative/A-1) are unaffected by the company's strong third-quarter results. WFC generated $7.5 billion in pretax income, up 22.3% from the same quarter in 2011, which represents a strong 35.4% pretax margin, compared with 31.3% last year. Third-quarter results benefited from continued strong mortgage performance, which we expect to continue into the fourth quarter, and a $767 million reserve release, up from $400 million in the second quarter. The material increase in reserve releases was largely due to the write-off of already reserved for loans resulting from the Office of the Comptroller of the Currency (OCC)'s new accounting guidance
