Fitch Rates Wells Fargo Bank International's L-T & S-T Deposits.
NEW YORK -- Fitch Ratings has assigned 'AA-' and 'F1+' to Wells Fargo Bank International's (WFBI) long-term and short-term deposits, respectively. In addition, Fitch has assigned a Support Rating of '1' to WFBI, reflecting Fitch's view of the willingness and ability of the bank's ultimate parent, Wells Fargo & Co (Issuer Default Rating 'AA-/F1+'), to support WFBI should that be necessary.
Headquartered in Dublin, Ireland, WFBI is the former Wachovia Bank International and has a pan-European banking license. It is an indirect, wholly owned subsidiary of Wachovia Bank, NA which is one of the two main bank subsidiaries of Wells Fargo & Co (WFC) following WFC's acquisition of Wachovia Corporation in December 2008.
WFBI had total assets of $13.4 billion at June 30, 2009 which represents approximately 1% of WFC's consolidated total assets of nearly $1.3 trillion at that date. WFBI's capital ratios are well in excess of regulatory requirements and, in light of WFC's ownership and control, are expected to remain strong. WFBI provides WFC with a European-based deposit-taking subsidiary, through which WFC can better serve its international customers.
Fitch has assigned the following ratings:
Wells Fargo Bank International:
--Long-term deposits 'AA-';
--Short-term deposits 'F1+';
--Support rating '1'.