A leading U.S. retail banking franchise for deposits and loans Strong capital management practices and discipline Lower volatility business profile and related core earnings performance Systemic importance to U.S. banking Higher exposure to residential mortgage assets in weaker housing markets Pressure on earnings and capital over the near term because of the weak credit cycle and higher loan losses Revenues concentrated in lending-related businesses The ratings on Wells Fargo&Co. reflect our stand-alone credit assessment, with no uplift for government support, and the bank's role as one of the systemically important banks in the U.S. financial system. Our Dec. 19, 2008, downgrade of Wels Fargo reflected our more negative view of industry risk in a cycle we believe will
