Leading market positions in numerous U.S. banking businesses Longstanding, very strong nationwide banking, lending, and depository franchise Robust earnings generation with substantial contribution from fee income Loan asset quality that should continue to improve, although the net charge-off rate is likely at a cyclical low High exposure to the national residential mortgage market on its balance sheet and in its very large origination and servicing activities Capital ratios could decline if dividends, stock repurchases, or acquisitions become more aggressive Our stable rating outlook on Wells Fargo&Co.'s (WFC) main operating subsidiaries reflects Standard&Poor's Ratings Services' expectation for continued solid credit fundamentals. The outlook incorporates our assumption that WFC will maintain its superior market positions, that the nonperforming
