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S&P rates Wells Fargo notes BBB-
S&P said it assigned a BBB- rating to two junior subordinated instruments, a $750 million debenture due Dec. 1, 2086, and a $300 million debenture due Nov. 15, 2029, issued by Wells Fargo & Co.
“We are also withdrawing our BBB- rating on two of Wells Fargo's trust preferred securities (TruPS): Wells Fargo Capital X ($750 million) and First Union Capital II ($300 million),” the agency said in a press release.
The debentures were distributed as a result of Wells liquidating the TruPS, which were the same size as the new debt.
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