Kroll Bond Rating Agency Assigns A/K1 Senior Long-Term and Short-Term Debt Ratings to Wells Fargo & Company
NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (“KBRA”) has assigned senior debt, subordinated, and short term ratings of A, A-, and K1, to Wells Fargo & Company (“Wells Fargo”), a bank holding company based in San Francisco, CA. KBRA has maintained the senior debt/deposit, subordinated, and short-term debt ratings of AA-, A+ and K1+, respectively, for Wells Fargo Bank, National Association (“the Bank”), the primary bank subsidiary of Wells Fargo. The outlook on all ratings is stable.
The ratings are supported by Wells Fargo’s strong financial fundamentals, sound capital levels and improving asset quality and earnings. The ratings are balanced against concerns about a slowdown in the housing market, which has been a leading source of revenue for Wells. The rating is also balanced against the lack of potential systemic support at the holding company level by the Federal Reserve System and other regulators due to the enactment of the Dodd-Frank law in 2010.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on May 2, 2013.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).