Fitch ups Wells Fargo support

Fitch Ratings said it upgraded the support and support rating floor for Wells Fargo & Co. to 1 and A from five and NF, respectively, reflecting the company's status as a globally systemically important financial institution.

According to the agency, there are no implications for Wells Fargo's long- or short-term issuer default ratings or issue-level ratings.

Wells Fargo's ratings currently receive no benefit from support, and on a stand-alone basis, Wells Fargo long-term and short-term issuer default ratings remain AA- and F1+, respectively, the agency added.

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