Standard&Poor's Ratings Services' strong ratings on Wells Fargo&Co. reflect its exceptional presence in lower-volatility consumer and community banking and strong earnings that have withstood the current credit cycle. The core of Wells Fargo's business is taking deposits and making loans. In addition, Wells benefits from a broadly diversified revenue base that stabilizes earnings. Trust, investment and other fees, mortgage banking, and insurance revenues drive noninterest income, which equaled 48% of total quarterly revenues in first-quarter 2010. Wells generated relatively good earnings during this cycle compared to peers, with only one quarterly loss. The company also raised $33 billion in equity during the past 18 months and used the proceeds to support the Wachovia acquisition and to
