Fitch downgrades Wells Fargo

Fitch Ratings said it downgraded the long-term issuer default rating on Wells Fargo & Co. to AA- from AA and removed the rating from Rating Watch negative, where it was placed on May 15.

The outlook is stable.

The company faces continued significant pressure on asset quality in light of the extremely weak economic environment, Fitch said.

Ratings also consider Wells Fargo's above-average earnings capacity, derived primarily from its diverse community and mortgage banking activities, the agency said.

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