Article: USA: MOODY'S COMMENTS ON WELLS FARGO'S SECOND QUARTER RESULTS.(Financial report)

Moody's Investors Service saw no rating implications regarding Wells Fargo's second quarter 2008 results. Wells Fargo & Company -- the holding company -- is rated Aa1 for senior debt. The lead bank is rated A for financial strength and Aaa for deposits. The rating outlook is stable. Moody's said the major positive element about Wells Fargo's 2Q08 results was the strong underlying performance that allowed the company to build its loan-loss reserves and increase its capital ratios. For Moody's, credit concerns still center on the performance of Wells Fargo's home equity portfolio. Another negative noted by the rating agency was Wells Fargo's decision to increase its ...

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