Wells Fargo&Co. Junior Subordinated Debt Instruments Rated 'BBB-'

NEW YORK (S&P Global Ratings) April 8, 2020--S&P Global Ratings said today it assigned a 'BBB-' rating to two junior subordinated instruments, a $750 million debenture due Dec. 1, 2086, and a $300 million debenture due Nov. 15, 2029, issued by Wells Fargo&Co. We are also withdrawing our 'BBB-' rating on two of Wells Fargo's trust preferred securities (TRUPS): Wells Fargo Capital X ($750 million) and First Union Capital II ($300 million). The debentures were distributed as a result of Wells liquidating the TRUPS, which were the same size as the new debt. They were distributed pro rata to the holders of the previous outstanding TRUPS. The subordination and deferral terms between the new junior subordinated debt and

...April 8, 2020 NEW YORK (S&P Global Ratings) April 8, 2020--S&P Global Ratings said today it assigned a '###-' rating to two junior subordinated instruments, a $750 million debenture due Dec. 1, 2086, and a $300 million debenture due Nov. 15, 2029, issued by Wells Fargo & Co. We are also withdrawing our '###-' rating on two of Wells Fargo's trust preferred securities (TRUPS): Wells Fargo Capital X ($750 million) and First Union Capital II ($300 million). The debentures were distributed as a result of Wells liquidating the TRUPS, which were the same size as the new debt. They were distributed pro rata to the holders of the previous outstanding TRUPS. The subordination and deferral terms between the new junior subordinated debt and the previously outstanding TRUPS are identical. Also, the liquidation of the TRUPS does not impact S&P Global Ratings' risk-adjusted capital ratio for Wells Fargo, as these securities were not included in our calculation....

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