In order to be eligible to be included in the Index, preferred securities and similar instruments will no longer be required to be rated “investment grade” by Moody’s Investors Service, Inc. (“Moody’s) or Standard & Poor’s Ratings Services (“S&P”). Instead, for such securities to be eligible for the Index, they must be rated at least single “B” or higher by Moody’s or S&P. For this purpose, a “single B” rating means “B3” or above by Moody’s and “B” or above by S&P.
These changes will be made on April 1, 2009 in connection with the monthly rebalancing of the Index. Based on current ratings, the changes are expected to result in the addition to the Index of two new issuers but no deletions from the Index.
Clients or investors with questions may contact Daniel Forth at 704-383-4097.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s, “Aa1,” and S&P, “AA+.”