Wells Fargo Bank Becomes S&P's Only "AAA" Credit-Rated U.S. Bank
— February 14, 2007
Wells Fargo Bank, N.A. today became the only U.S. bank to have the highest possible credit rating from both S&P and Moody's - with Standard & Poor's Ratings Services upgrading Wells Fargo Bank, N.A. to "AAA," its highest possible credit rating. In 2003, Moody's Investors Service upgraded Wells Fargo Bank, N.A. to "Aaa," its highest credit rating. Of the more than 1,100 financial institutions and 70 national banking systems covered by S&P globally, today's upgrade makes Wells Fargo Bank, N.A. the only U.S. bank and one of only two banks worldwide to have S&P's "AAA" credit rating. S&P also raised the long-term credit ratings of Wells Fargo & Company's (NYSE: WFC) senior debt to AA+. Wells Fargo & Company continues to be the highest S&P credit-rated bank holding company in the U.S. S&P cited Wells Fargo for the consistency of its core profitability, leading market positions in several businesses, strong capital measures, conservative risk management, stable net interest margin, and a balanced business model that has generated consistently strong operating results. "Being the only U.S. bank to have the highest credit rating from both S&P and Moody's is further proof of the long-term value of our time-tested vision, business model, conservative risk management and the ability of our talented team to satisfy all of our customers' financial needs and help them succeed financially," said Chairman and CEO Dick Kovacevich. "Our first financial objective is to maintain a conservative financial position measured by asset quality, accounting policies, capital levels, diversity of revenue sources and dispersing risk by geography, loan size and industry," said Howard Atkins, Wells Fargo & Company's Chief Financial Officer. Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only U.S. bank to have the highest possible credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."