Moody's ups Wachovia to Wells Fargo levels

Moody's Investors Service said it upgraded its rating of Wachovia Corp. (senior to Aa3 from A1), and Wachovia Bank NA (deposits to Aa1 from Aa2).

Meanwhile, Moody's said that the bank's financial strength rating was confirmed at B.

The Prime-1 short-term ratings at Wachovia Corp. and subsidiaries were affirmed, the agency said, noting that the rating actions follow the acquisition of Wachovia Corp. by Wells Fargo & Co.

The debt ratings of Wachovia Corp. and its bank subsidiaries mirror those of Wells Fargo's. Wachovia Corp.'s debt was assumed by Wells Fargo & Co. while Wachovia Corp.'s bank and thrift subsidiaries are now subsidiaries of Wells Fargo & Co., the agency added.

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