Following a review of Wells Fargo&Co. (WFC) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have lowered our issuer credit rating on the company to 'A+/A-1' from 'AA-/A-1+' and our long-term ratings on its operating subsidiaries to 'AA-' from 'AA'. The outlook is negative. Our ratings on WFC reflect its very strong business position, adequate capital and earnings, strong risk position, average funding, and adequate liquidity compared with peers. The rating on WFC incorporates one notch of uplift to reflect the bank's high systemic importance in the U.S. and our assessment of the U.S. government as supportive toward domestic banking. The negative outlook reflects the outlook on the U.S. sovereign rating given the
