S&P affirms Wells Fargo

Standard & Poor's said it affirmed its AA+/A-1+ counterparty credit rating on Wells Fargo & Co.

The outlook is stable.

The agency noted that the ratings reflect the franchise diversification, consistency in core earnings and capital and risk management disciplines that set Wells Fargo apart from its large bank peers.

First-quarter 2008 and fourth-quarter 2007 operating results showed record revenues in a most challenging housing and mortgage cycle, S&P said.

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