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Wells Fargo Credit Rating Cut by Moody’s on Waning U.S. Support

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Wells Fargo Sr Rating Cut to A2 From A1 by Moody’s
Wells Fargo & Co. signage is displayed above the entrance to a bank branch in New York. Photographer: Jin Lee/Bloomberg

Sept. 21 (Bloomberg) -- Wells Fargo & Co., the biggest U.S. home lender, had its credit ratings cut by Moody’s Investors Service, which cited “a decrease in the probability that the U.S. government would support the bank, if needed.”

Moody’s downgraded the long-term ratings of the holding company’s senior debt to A2 from A1, according to a statement today. The outlook remains negative on the senior long-term ratings, indicating another cut may be ahead for the San Francisco-based lender.

Link to Company News:{WFC US <Equity> CN <GO>}

To contact the reporter on this story: Peter Eichenbaum in New York at peichenbaum@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net

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