S&P Upgrades Wells Fargo Bank to “AA+”
S&P Upgrades Wells Fargo Bank to “AA+,” Making It Highest Credit-Rated Bank in U.S.
Wells Fargo is a diversified financial services company that provides banking, insurance, investments, mortgage and consumer finance. Wells Fargo currently serves over twenty-three million customers. Wells Fargo is headquartered in San Francisco with more than six thousand stores across the United States to meet its customers’ financial needs. Wells Fargo serves additional customers throughout the country and internationally through its internet presence.
The Wells Fargo vision is to satisfy all of its customers’ financial needs, help them achieve financial success, and to be known as one of the nation’s great companies and the leading financial services provider in each of their markets.
Standard & Poor’s Ratings Services yesterday upgraded Wells Fargo Bank, N.A. to AA+, making Wells Fargo S&P’s highest credit-rated bank in the U.S. In 2003, Moody’s Investors Service rated Wells Fargo Bank, N.A. the United States’ only “Aaa” bank, its highest credit-rating.
S&P also raised the long-term credit ratings of Wells Fargo & Company’s (NYSE: WFC) senior debt to AA, making it 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, its stable net interest margin, and a balanced business model that has generated consistently strong operating results.
“The announcement by Standard & Poor’s – in addition to being the only U.S. bank with a “Aaa” credit-rating from Moody’s Investors Service – 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. S&P cited Wells Fargo’s strong retail banking franchise as well-positioned and well-managed to face the competitive marketplace without sacrificing price or credit standards.
“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.
“We want our banks to have such strong balance sheets that our customers would put their money in them even if there was no FDIC insurance.”
Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally.
Wells Fargo Bank, N.A. is the only bank in the U.S. to be rated “Aaa” by Moody’s Investors Service, its highest possible credit rating, and “AA+” by Standard & Poor’s Ratings Services.
Wells Fargo is a diversified financial services company that provides banking, insurance, investments, mortgage and consumer finance. Wells Fargo currently serves over twenty-three million customers. Wells Fargo is headquartered in San Francisco with more than six thousand stores across the United States to meet its customers’ financial needs. Wells Fargo serves additional customers throughout the country and internationally through its internet presence.
The Wells Fargo vision is to satisfy all of its customers’ financial needs, help them achieve financial success, and to be known as one of the nation’s great companies and the leading financial services provider in each of their markets.
Standard & Poor’s Ratings Services yesterday upgraded Wells Fargo Bank, N.A. to AA+, making Wells Fargo S&P’s highest credit-rated bank in the U.S. In 2003, Moody’s Investors Service rated Wells Fargo Bank, N.A. the United States’ only “Aaa” bank, its highest credit-rating.
S&P also raised the long-term credit ratings of Wells Fargo & Company’s (NYSE: WFC) senior debt to AA, making it 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, its stable net interest margin, and a balanced business model that has generated consistently strong operating results.
“The announcement by Standard & Poor’s – in addition to being the only U.S. bank with a “Aaa” credit-rating from Moody’s Investors Service – 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. S&P cited Wells Fargo’s strong retail banking franchise as well-positioned and well-managed to face the competitive marketplace without sacrificing price or credit standards.
“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.
“We want our banks to have such strong balance sheets that our customers would put their money in them even if there was no FDIC insurance.”
Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally.
Wells Fargo Bank, N.A. is the only bank in the U.S. to be rated “Aaa” by Moody’s Investors Service, its highest possible credit rating, and “AA+” by Standard & Poor’s Ratings Services.
posted by Kirby P at 8:51 AM
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