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Rating Action:

Correction to 7/10 PR: Moody's reviews Wachovia's ratings for possible downgrade

10 Jul 2008

New York, July 10, 2008 -- The original press release incorrectly listed BluePoint Re Limited among the entities placed under review for possible downgrade today. Moody's expects to comment separately, in the near term, on the implications of Wachovia's review on the rating of BluePoint Re Limited.

Moody's Investors Service placed under review for possible downgrade the long-term debt ratings of Wachovia Corporation (senior debt at Aa3) as well as the financial strength and deposit ratings of Wachovia Bank, N.A. (at B+ and Aa1, respectively). Concurrently, Moody's also affirmed all Prime-1 short-term ratings of Wachovia Corporation and its subsidiaries.

The rating action follows the announcement by Wachovia Corporation (WB) of an anticipated second quarter net loss of up to $2.8 billion primarily driven by a substantial loan loss provision largely associated with its approximate $115 billion pick-a-pay portfolio.

Moody's said the review will focus on: 1) the potential incremental lifetime losses on WB's option arm portfolio over Moody's previous assumptions that were incorporated into the current ratings; 2) WB's ability to offset potential incremental charges through internal and external capital growth initiatives; 3) asset quality trends in WB's other portfolios; and 4) strategic initiatives it may take under its newly appointed CEO, Robert Steel.

Moody's pointed out the option arm portfolio constitutes roughly 25% of WB's total loans. "Initially, we thought the lifetime losses on this book would be around $8.4 billion, but the review will update and possibly increase our loss expectations," said Moody's Senior Vice President Sean Jones. "This will be the central point in the review," added Mr. Jones.

Factors supporting WB's credit profile include robust liquidity at both the holding co and bank, and strong regulatory capital ratios even after the second quarter loss, said the rating agency.

The following debts are affected:

On Review for Possible Downgrade:

..Issuer: Central Fidelity Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Congress Financial Capital Company

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: CoreStates Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: CoreStates Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: CoreStates Capital III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: First Fidelity Bancorporation

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: First Union Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: First Union Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: First Union Capital III

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: First Union Institutional Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: First Union National Bank of Florida

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Golden West Financial Corporation

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Meridian Bancorp, Inc.

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: South Carolina National Corporation

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

..Issuer: SouthTrust Bank

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: SouthTrust Bank of Georgia, N.A. (Old)

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: SouthTrust Corporation

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Bank, N.A.

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B+

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa1

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Wachovia Bank, N.A. (Old)

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Wachovia Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Wachovia Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Capital Trust IX

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Capital Trust VII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Wachovia Capital Trust VIII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Wachovia Capital Trust X

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust XI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust XII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust XIII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust XIV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Wachovia Capital Trust XV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Corporation

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)A1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A2

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Wachovia Corporation (Old)

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Wachovia Preferred Funding Corp.

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Western Financial Bank, F.S.B.

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: World Savings Bank, FSB

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B+

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

Outlook Actions:

..Issuer: Central Fidelity Capital Trust I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Congress Financial Capital Company

....Outlook, Changed To Rating Under Review From Negative

..Issuer: CoreStates Capital I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: CoreStates Capital II

....Outlook, Changed To Rating Under Review From Negative

..Issuer: CoreStates Capital III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Fidelity Bancorporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union Capital I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union Capital II

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union Capital III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union Institutional Capital I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union National Bank of Florida

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Golden West Financial Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Meridian Bancorp, Inc.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: South Carolina National Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SouthTrust Bank

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SouthTrust Bank of Georgia, N.A. (Old)

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SouthTrust Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Bank, N.A.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Bank, N.A. (Old)

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust II

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust IV

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust IX

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust V

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust VII

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust VIII

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust X

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Corporation (Old)

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Preferred Funding Corp.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Western Financial Bank, F.S.B.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: World Savings Bank, FSB

....Outlook, Changed To Rating Under Review From Negative

Wachovia Corporation, headquartered in Charlotte, NC reported assets of $809 billion at March 31, 2008.

New York

Sean Jones

Senior Vice President

Financial Institutions Group

Moody's Investors Service

JOURNALISTS: 212-553-0376

SUBSCRIBERS: 212-553-1653

New York

Robert Young

Managing Director

Financial Institutions Group

Moody's Investors Service

JOURNALISTS: 212-553-0376

SUBSCRIBERS: 212-553-1653

New York
Sean Jones
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Correction to 7/10 PR: Moody's reviews Wachovia's ratings for possible downgrade
No Related Data.
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