Fitch rates Wells Fargo Finance A+

Fitch Ratings said it assigned long-term issuer default ratings of A+ and short-term issuer default rating of F1 to Wells Fargo Finance LLC.

The ratings reflect Wells Fargo and Co.'s ability to support the subsidiary, along with its full and unconditional guarantee of its securities, Fitch said.

Wells Fargo Finance is a new legal entity that has been established as a finance subsidiary of its parent company with the sole purpose of issuing securities, the agency said.

Wells Fargo Finance has no operations of its own beyond the issuance of securities, Fitch said.

The ratings are aligned with the ratings on its ultimate parent, the agency said.

Fitch noted there is no assurance that all notes issued under the program will be assigned a rating as the underlying structured notes need to be principal-protected to be rated under the agency's criteria.

The ratings reflect the company's solid capital and liquidity profiles that are subject to higher requirements than its large regional bank peers, the agency said, and provide an added layer of creditor protection and lend support to the current ratings.

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