Fitch affirms Wells Fargo

Fitch Ratings said it affirmed Wells Fargo & Co.'s long- and short-term issuer default ratings at AA- and F1+, respectively.

The outlook remains stable.

The ratings reflect solid profitability levels, moderating asset quality trends, sound capital profile and a good liquidity position, Fitch said.

The company's profitability levels compare favorably with those of its domestic and global peers, the agency said.

It is expected that the Dodd-Frank Wall Street Reform and Consumer Protection Act will likely impact its earnings through fee reductions, higher regulatory-related costs and restrictions on certain business activities, Fitch said.

Fitch said it does not believe the potential negative impact from Dodd-Frank should have negative rating consequences for Wells Fargo.

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