Moody's ups Wells Fargo preferreds to Ba3

Moody's Investors Service said it upgraded Wells Fargo & Co.'s preferred stock rating to Ba3 from B2.

The agency affirmed Wells Fargo's A1 senior debt rating, A2 senior subordinated debt rating and A3 junior subordinated debt rating. The Prime-1 rating was also affirmed.

The outlook on the preferreds is developing. The outlook on all other ratings remains stable.

Moody's said the upgrade on the preferred ratings was due to the improved financial flexibility that Wells Fargo obtained by raising $8.6 billion in common equity.

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