Moody's reviews Wells Fargo

Moody's Investors Service said it placed Wells Fargo & Co.'s Aa3 long-term senior debt ratings under review for downgrade. The Prime-1 rating was affirmed.

The review was prompted by a concern that Wells Fargo's capital ratios could deteriorate in 2009 from their current levels, which are comparatively low, because of the potential need to take high loan loss provisions in 2009, according to the agency.

"We expect that any downgrade of Wells Fargo's ratings for deposits, senior debt and senior subordinated debt would be limited to one or two notches," Sean Jones, Moody's senior vice president, said in a statement.

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