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Fitch rates Wachovia preferreds A+
Fitch Ratings said it assigned an A+ rating to the $3.5 billion issuance of preferred stock by Wachovia Corp.
According to Fitch, the perpetual preferred stock will pay a dividend of 7.98% for 10 years and thereafter change to a floating interest rate. The company may redeem the preferred stock after 10 years.
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