Fitch: Wells Fargo unaffected

Fitch Ratings said it does not view any rating implications stemming from Wells Fargo & Co.'s plan to repay its $25 billion of Troubled Asset Relief Program preferred stock.

Fitch added that it does view the additional common stock issuance positively, which reinforces the company's current ratings (AA-/F1+) and stable outlook.

According to the agency, Wells Fargo announced it will repay the TARP preferred stock following a $10.4 billion common stock issuance and it has also committed to raising an additional $1.35 billion of common stock to be issued through benefit plans and $1.5 billion of equity to be generated from asset sales.

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