Moody's affirms Wells Fargo

Moody's Investors Service said it affirmed the ratings of Wells Fargo & Co. (senior at A1) and its subsidiaries following the bank's announcement of its intention to raise additional $13 billion of capital to repay the $25 billion of preferred stock held by the U.S. government.

The major components of the $13 billion equity raise are a $10.4 billion equity issuance, a $1.35 billion issuance of common stock to employees and $1.5 billion in sales from non-core assets, the agency noted.

The Moody's unsupported bank financial strength rating for Wells Fargo Bank NA is C, which maps to a baseline credit assessment of A3, Moody's said, adding that its rating for deposits and senior debt is Aa2.

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