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DBRS: Wells Fargo unchanged
DBRS said Wells Fargo & Co.'s AA issuer and senior debt rating are unchanged following the release of the company's second quarter 2011 results.
The trend is stable.
Wells Fargo reported record earnings of $3.9 billion in the quarter, a 29% increase from the second quarter of 2010 and 5% increase from the first quarter of 2011, DBRS said.
The agency said it sees the company's results as reflecting earnings resilience, business diversity and good performance across much of its franchise.
Lower credit costs and non-interest expense primarily drove the improved results in a difficult operating environment while commercial loan growth was mostly offset by the decline in consumer and liquidating loans, DBRS said.
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