Research Update: Wells Fargo&Co. Rating Raised To 'AA+/A-1+', Removed From CreditWatch; Outlook Stable

On Feb. 14, 2007, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on Wells Fargo&Co. to 'AA+' from 'AA'. At the same time, we raised our long-term counterparty credit rating on Wells Fargo Bank N.A. to 'AAA' from 'AA+'. The short-term counterparty credit rating for both entities is affirmed at 'A-1+'. The ratings were removed from CreditWatch Positive where they were placed Nov. 1, 2006. The outlook is stable. The upgrade for Wells Fargo&Co. and its primary banking subsidiaries reflects the company's leading market positions in several of its core regional banking business lines, consistency of core profitability, and strong capital measures that are leading among the large bank peer group. A strong

...On Feb. 14, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Wells Fargo & Co. to '##+' from '##'. At the same time, we raised our long-term counterparty credit rating on Wells Fargo Bank N.A. to '###' from '##+'. The short-term counterparty credit rating for both entities is affirmed at 'A-1+'. The ratings were removed from CreditWatch Positive where they were placed Nov. 1, 2006. The outlook is stable. The upgrade for Wells Fargo & Co. and its primary banking subsidiaries reflects the company's leading market positions in several of its core regional banking business lines, consistency of core profitability, and strong capital measures that are leading among the large bank peer group. A strong commitment to capital to support risk and growth opportunities is a key factor in the credit ratings. The strength of Wells Fargo's capital position is a key distinguishing factor from the other large complex bank peers. Strong business segment performance...

Research Update