Wells Fargo & Co. (WFC) Comments on Moody's Rating Change; Says Does Not Affect Unsupported Ratings

Wells Fargo & Company (NYSE: WFC) today issued the following statement regarding actions by Moody’s Investors Service.

Today’s announcement by Moody’s solely reflects a change in their assumption regarding systemic support in light of the provisions of Dodd-Frank, as previously addressed in their June 2, 2011, press release and consistent with their prior statements from as far back as a year and a half ago. The action does not affect Wells Fargo's unsupported ratings, which were affirmed today at A2 for Wells Fargo Bank, NA, and A3 for Wells Fargo & Company that have been increased three times since 2009, most recently on December 6, 2010. Our short-term ratings were not a part of this review and were again affirmed at Prime-1 today.

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