DBRS confirms Wells Fargo

DBRS said it confirmed the AA issuer and senior debt ratings for Wells Fargo & Co. and changed the rating trend to stable from negative, where it was placed on January 1, 2009 following the completed acquisition of Wachovia Corp.

The confirmation follows a fourth consecutive quarter of strong core earnings and net profitability, according to the agency, along with the fourth quarter redemption of $25 billion in TARP shares and a $12.2 billion common equity issuance.

Wells Fargo's ratings are underpinned by the large-scale and powerful market positions of its commercial and consumer banking businesses, as well as the strength of its leading retail deposit franchise which generate robust revenues and high margins, the agency said.

Ratings also incorporate the company's experienced and conservative management team, DBRS said.

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