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Non-Tech : Banks--- Betting on the recovery
WFC 85.05+0.4%Nov 14 3:59 PM EST
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From: tejek3/25/2009 2:49:53 PM
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Wells Fargo:

Moody's lowers Wells Fargo (snr to A1 from Aa3) (WFC) 16.23 +0.73 : Moody's Investors Service lowered the senior debt rating of Wells Fargo & Company (Wells Fargo) to A1 from Aa3, the senior subordinated debt rating to A2 from A1, and the junior subordinated debt rating to A3 from A1. The preferred stock rating was downgraded to B2 from A2. Wells Fargo's short-term rating was affirmed at Prime-1. Wells Fargo Bank N.A.'s rating for deposits was lowered to Aa2 from Aa1, and its Prime-1 short-term rating was affirmed. Moody's bank financial strength rating (BFSR) on Wells Fargo Bank N.A. was lowered to D+ from B. All ratings have a stable outlook except for the BFSR and preferred stock rating where the outlook is "developing". These actions conclude a review for possible downgrade that commenced on March 4, 2009... "The downgrades of the BFSR and the preferred stock ratings reflect Moody's view that Wells Fargo's capital ratios could come under pressure in the short-term, increasing the probability that systemic support will be needed," said Moody's Senior Vice President, Sean Jones. "The moderate downgrades of Wells Fargo's deposits, senior debt and senior subordinated debt ratings are based on Moody's expectation of very high systemic support for these instruments, and the view that such support will enable the substantial value of its franchise to materialize in the medium to long-term. Such support, however, could be potentially harmful to preferred stock investors."
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