Fitch rates Wells Fargo Real Estate preferreds BBB+

Fitch Ratings said it has assigned a BBB+ rating to the $240 million of preferred stock issued by Wells Fargo Real Estate Investment Corp., an indirect subsidiary of Wells Fargo & Co. (AA-/F1+).

The cumulative perpetual preferred stock will pay a dividend of 6.375% on a cumulative basis and is callable beginning in December 2019, the agency said.

Fitch added that it did not assign a standalone viability rating to Wells Fargo Real Estate because, from a ratings perspective, it is not considered a standalone entity, but rather reliant on Wells Fargo & Co. and Wells Fargo Bank NA for administrative services and the servicing of the loans.

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