Moody's: Wells Fargo unaffected

Moody's Investors Service said the key rating drivers for Wells Fargo & Co. continue to center on the credit performance of its home-equity portfolio and its capital trends. Moody's rates senior debt at the holding company Aa1.

The outlook is stable.

The agency said that Wells Fargo has avoided the market pitfalls that plagued its peers and the credit performance of its home-equity portfolio is within Moody's broad expectations.

Nevertheless, Wells Fargo's home-equity portfolio does total $83.6 billion, and Moody's said it continues to revisit its loss estimates in light of the historically weak housing market, especially in California where Wells Fargo has a $31 billion exposure.

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