On Oct. 13, 2003, Standard&Poor's Ratings Services raised its counterparty credit ratings on Wells Fargo&Co. (Wells) to 'AA-/A-1+' from 'A+/A-1'. The ratings on Wells Fargo N.A. and other Wells bank subsidiaries were raised to 'AA/A-1+' from 'AA-/A-1+'. The outlook was revised to stable from positive. The ratings actions recognize Wells' exceptional track record of stable earnings growth, even through a difficult economic environment. This record rests on its superior geographic and business line diversity among bank holding companies in the U.S., with a wide variety of strongly performing business lines. This diversity, together with a disciplined management philosophy and strong sales culture, has allowed Wells to achieve a deep penetration of retail and small and midsize
