A large, nationwide, market-leading banking franchise contributes to strong earnings through business cycles. The management team historically has executed its strategy well. A high level of deposit funding and low short-term funding support the business during periods of financial market stress. Capital growth could slow if dividends, stock repurchases, or acquisitions become more aggressive. The company is acquisition oriented, though we currently don't expect any large transformational acquisitions like Wachovia, and the company has a successful acquisition track record. The negative outlook on the ratings on Wells Fargo&Co. and its operating companies (WFC) reflects the outlook on the U.S. sovereign rating given the extraordinary support Standard&Poor's Ratings Services incorporates into the ratings on WFC. If we
