Fitch ups Wells Fargo view to positive

Fitch Ratings said it revised Wells Fargo & Co.'s outlook to positive from stable and affirmed the ratings of Wells Fargo (AA/F1+), Wells Fargo Bank, NA, Wells Fargo Bank Northwest NA, Wells Fargo Financial Inc., Wells Fargo Financial Canada Corp., WFC Holdings Corp., First Security Corp. and Pacific Northwest Bank.

Fitch also affirmed at AA- Wells Fargo Capital A, Capital B, Capital C, Capital I, Capital II, Capital Trust IV, Capital Trust V, Capital Trust VI, Capital Trust VII, Capital Trust VIII, First Security Capital I and InterWest Capital Trust I.

Fitch said the company has exhibited consistently strong profitability levels, reflecting Wells Fargo's focus on revenue growth through a rigorous sales culture. Solid credit management, a balanced view of efficiency and a cultivated, low-cost funding base all contribute to the firm's admirable earnings record.

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