New York, March 04, 2009 -- Moody's Investors Service placed the long-term ratings of Wells
Fargo & Company (senior debt at Aa3) under review for possible downgrade.
Moody's also placed the long-term ratings of Wells Fargo's
subsidiaries including its lead bank, Wells Fargo Bank N.A.
(bank financial strength of B and long-term bank deposits at Aa1)
under review for possible downgrade. The Prime-1 rating
on all of Wells Fargo's entities was affirmed. Moody's Bank
Financial Strength Ratings (BFSR) represents Moody's opinion of a banks
intrinsic safety and soundness and, as such, excludes certain
external credit risks and credit support elements.
These actions had no impact on the FDIC-guaranteed debt issued
by Wells Fargo, which remains at Aaa with a stable outlook.
Moody's review of Wells Fargo's BFSR and long-term debt ratings
will focus on two issues. The first is the impact that future credit
costs could have on Wells Fargo's capital ratios. The second
is the rating implications of possible systemic support, and how
that support could affect various obligations ranging from deposits to
non-cumulative preferred stock. The rating agency expects
to conclude its review by the end of this month.
The review was prompted by a concern that Wells Fargo's capital
ratios could deteriorate in 2009 from their current levels, which
are comparatively low, because of the potential need to take high
loan loss provisions in 2009.
Wells Fargo's tangible common equity ratio was a modest 5.1%
at year-end 2008, when adjusted both to give some credit
to hybrid capital securities and relate capital to risk-weighted
assets. Wells Fargo's Tier 1 ratio of 7.8%
is higher, but lower than many of its peers. Wells Fargo's
comparatively low capital ratios -- especially its adjusted
tangible common equity ratio -- result from the fact that
the equity Wells Fargo raised for its purchase of Wachovia was,
in Moody's view, modest in comparison to the amount and quality
of the acquired Wachovia assets.
Further, Moody's is concerned that Wells Fargo's capital
generation could be constrained because it will need to record provisions
and merger-related expenses -- predominantly in 2009
and into 2010 -- against the Wachovia assets that were not
marked down on December 31, 2008. In addition, an ailing
housing market and higher unemployment will likely result in higher loan
loss provisions for Wells Fargo's legacy portfolio at a time when
revenue could be constrained. Furthermore, additional charges
beyond Wells Fargo's life-time loss estimate of approximately
29.3% against the legacy Wachovia option-ARM portfolio
cannot be ruled out.
In evaluating Wells Fargo's capacity to absorb losses, Moody's
will incorporate other factors in addition to Wells Fargo's capital.
They include marks Wells Fargo has taken against Wachovia's assets,
its loan-loss reserves, and its earnings capacity.
Moody's said that even if Wells Fargo's capital ratios were
to fall significantly from current levels, Wells Fargo would almost
certainly be a recipient of systemic support, given its importance
to the U.S. economy and financial system. Such support
would likely benefit all depositors and senior and senior subordinated
debt holders of the bank and the bank holding company. Systemic
support could be less beneficial or potentially harmful to junior subordinated
and preferred stock investors, in Moody's view.
"In light of this," said Sean Jones, Moody's
Senior Vice President, "we expect that any downgrade of Wells
Fargo's ratings for deposits, senior debt, and senior
subordinated debt would be limited to one or two notches."
However, Moody's bank financial strength ratings are intended
to measure the likelihood that a bank may require external support.
"Given the pressures on Wells Fargo's capital position,
we believe that a multi-notch downgrade is likely for the bank
financial strength rating," said Mr. Jones.
For the preferred stock ratings, the vulnerability is centered on
the risk that if support is given, it may be accompanied by the
suspension of dividends. "While the preferred dividends do
not have any triggers that would cause an automatic suspension,
we believe that in the event government support is provided, the
U.S. government could require Wells Fargo to suspend its
common and preferred dividends in order to preserve capital,"
Mr. Jones said. Moody's expects that Wells Fargo's
noncumulative preferred stock could go to non-investment grade
at the conclusion of its ratings review, depending upon the severity
of any downgrade in the bank financial strength rating.
Regarding the currently A1-rated trust preferred securities backed
by junior subordinated debt, the rating agency said that the cumulative
nature of the distributions on such instruments makes deferral less likely
even in the event that additional government support is required.
In contrast with noncumulative preferred stock, deferred payments
on cumulative instruments eventually need to be repaid. The degree
of capital preservation is therefore more limited, providing less
incentive for authorities to impose a deferral. Nonetheless,
the rating agency believes this risk cannot be completely ignored,
and therefore the downward pressure on these ratings are greater than
more senior obligations, but possibly less than on the BFSR and
preferred stock ratings. "We expect that the trust preferred
ratings are likely to remain investment grade at the conclusion of our
ratings review," Mr. Jones added.
Today's rating actions are consistent with Moody's recent
announcement that it is recalibrating some of the weights and relative
importance attached to certain rating factors within its current bank
rating methodologies. Capital adequacy, in particular,
takes on increasing importance in determining the BFSR in the current
environment. Meanwhile, debt and deposit ratings will reflect
the fact that Moody's expects that its support assumptions will
continue to increase for systemically important institutions during this
global financial crisis. (Please see Moody's special comment
"Calibrating Bank Ratings in the Context of the Global Financial
Crisis")
Moody's last rating action on Wells Fargo was on January 6, 2009
when the senior unsecured rating of Wells Fargo & Company was lowered
to Aa3 from Aa1, and Wells Fargo Bank N.A.'s
bank financial strength and long-term deposit ratings were lowered
to B from A, and Aa1 from Aaa, respectively.
The principal methodologies used in rating this issuer were "Bank Financial
Strength Ratings: Global Methodology" (February 2007) and "Incorporation
of Joint-Default Analysis into Moody's Bank Ratings: A Refined
Methodology" (March 2007), which can be found at www.moodys.com
in the Credit Policy & Methodologies directory, in the Ratings
Methodologies subdirectory. Other methodologies and factors that
may have been considered in the process of rating this issuer can also
be found in the Credit Policy & Methodologies directory.
Wells Fargo & Company is headquartered in San Francisco, and
its reported assets were $1.3 trillion as of December 31,
2008.
Issuer: Central Fidelity Capital Trust I
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Congress Financial Capital Company
..On Review for Possible Downgrade:
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa3
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: CoreStates Capital I
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: CoreStates Capital II
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: CoreStates Capital III
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: First Fidelity Bancorporation
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: First Union Capital I
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: First Union Capital II
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: First Union Capital III
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: First Union Institutional Capital I
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: First Union National Bank of Florida
..On Review for Possible Downgrade:
....Subordinate Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa2
..Outlook Actions:
....Outlook, Changed To No Outlook From
Negative
Issuer: Golden West Financial Corporation
..On Review for Possible Downgrade:
.... Issuer Rating, Placed on Review
for Possible Downgrade, currently Aa3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa3
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Greater Bay Bancorp
..On Review for Possible Downgrade:
....Senior Unsecured Conv./Exch.
Bond/Debenture, Placed on Review for Possible Downgrade, currently
Aa3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa3
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: South Carolina National Corporation
..On Review for Possible Downgrade:
....Subordinate Medium-Term Note Program,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: SouthTrust Bank
..On Review for Possible Downgrade:
....Subordinate Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa2
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: SouthTrust Bank of Georgia, N.A. (Old)
..On Review for Possible Downgrade:
....Subordinate Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa2
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: SouthTrust Corporation
..On Review for Possible Downgrade:
....Subordinate Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: WFC Holdings Corporation
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Bank, N.A.
..On Review for Possible Downgrade:
.... 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 a range of Aa2
to Aa1
....Multiple Seniority Medium-Term
Note Program, Placed on Review for Possible Downgrade, currently
a range of Aa2 to Aa1
....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
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Bank, N.A. (Old)
..On Review for Possible Downgrade:
....Senior Unsecured Bank Note Program,
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 Capital Trust I
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust II
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust III
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust IV
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust IX
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust V
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust VII
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust VIII
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust X
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Capital Trust XI
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Stable
Issuer: Wachovia Capital Trust XII
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Stable
Issuer: Wachovia Capital Trust XIII
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Stable
Issuer: Wachovia Capital Trust XIV
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Stable
Issuer: Wachovia Capital Trust XV
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Stable
Issuer: Wachovia Corporation
..On Review for Possible Downgrade:
....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
a range of A1 to Aa3
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently a range of (P)A2 to
(P)Aa3
....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
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wachovia Corporation (Old)
..On Review for Possible Downgrade:
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently a range of (P)A1 to
(P)Aa3
....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
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Positive
Issuer: Wachovia Preferred Funding Corp.
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo & Company
..On Review for Possible Downgrade:
.... Issuer Rating, Placed on Review
for Possible Downgrade, currently Aa3
....Multiple Seniority Medium-Term
Note Program, Placed on Review for Possible Downgrade, currently
a range of A1 to Aa3
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently a range of (P)A2 to
(P)Aa3
....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 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
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Bank Northwest, N.A.
..On Review for Possible Downgrade:
.... 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 Bank Note Program,
Placed on Review for Possible Downgrade, currently Aa1
....Senior Unsecured Deposit Rating,
Placed on Review for Possible Downgrade, currently Aa1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Bank, N.A.
..On Review for Possible Downgrade:
.... 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 a range of Aa2
to Aa1
....Subordinate Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa2
....Senior Unsecured Deposit Note/Takedown,
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:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital II
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital III
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital IV
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital IX
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital V
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital VI
..On Review for Possible Downgrade:
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital VII
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital VIII
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital X
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital XI
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A2
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital XII
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital XIII
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
....Preferred Stock Shelf, Placed on
Review for Possible Downgrade, currently (P)A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital XIV
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Capital XV
..On Review for Possible Downgrade:
....Preferred Stock Preferred Stock,
Placed on Review for Possible Downgrade, currently A1
Issuer: Wells Fargo Financial Canada Corporation
..On Review for Possible Downgrade:
....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
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Wells Fargo Financial, Inc.
..On Review for Possible Downgrade:
.... Issuer Rating, Placed on Review
for Possible Downgrade, currently Aa3
....Multiple Seniority Medium-Term
Note Program, Placed on Review for Possible Downgrade, currently
a range of A1 to Aa3
....Multiple Seniority Shelf, Placed
on Review for Possible Downgrade, currently a range of (P)A1 to
(P)Aa3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa3
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: Western Financial Bank, F.S.B.
..On Review for Possible Downgrade:
....Subordinate Regular Bond/Debenture,
Placed on Review for Possible Downgrade, currently Aa2
..Outlook Actions:
....Outlook, Changed To Rating Under
Review From Negative
Issuer: World Savings Bank, FSB
..On Review for Possible Downgrade:
.... 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:
....Outlook, Changed To Rating Under
Review From Negative
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
Moody's reviews for downgrade Wells Fargo's ratings (snr at Aa3)
