On Aug. 1, 2006, Standard&Poor's Ratings Services raised its counterparty credit rating on Wells Fargo&Co. to 'AA/A-1+' from 'AA-/A-1+', making it the highest-rated bank in the U.S. Standard&Poor's also raised the counterparty credit rating on Wells Fargo&Co.'s lead banking subsidiaries, Wells Fargo Bank Northwest N.A. and Wells Fargo Bank South Dakota N.A. to 'AA+/A-1+' from 'AA/A-1+'. The outlooks on all entities are stable. The ratings upgrades reflect the consistency of core profitability and operating results. In the highly competitive retail banking business, Wells Fargo's franchise is well positioned and well managed to confront these competitive challenges while still generating strong organic growth without sacrificing price or credit standards. The upgrades also reflect
