Wells Fargo's reputational issues related to governance weakness in certain product lines have accelerated in recent weeks and have caused business risks to emerge that we believe may not be commensurate with the high ratings on the company. We believe that the risks have increased regarding the magnitude of the reputational damage from the company's retail account sales misconduct, the impact on the company's customer flows, and the potential consequences of ongoing legal and regulatory investigations. The company's management team and retail business model are in transition following news of the governance weakness, which could weigh on our view of the company's business stability. We are revising our outlook on Wells to negative from stable. At the same time, we
