Fitch Revises Wells Fargo Outlook to Positive; Affirms Ratings.

NEW YORK -- Fitch Ratings has revised Wells Fargo & Co.'s (WFC's) Rating Outlook to Positive. In addition, Fitch has affirmed the ratings of WFC ('AA'/'F1+'). A complete list of ratings is below.

WFC has exhibited consistently strong profitability levels, reflecting the company's focus on revenue growth through a rigorous sales culture. Solid credit management, a balanced view of efficiency and a cultivated, low cost funding base all contribute to the firm's admirable earnings record. Asset quality metrics reflect both a robust credit culture and the current, benign economic environment. Capital and liquidity are both managed at conservative levels. Together, these factors have resulted in WFC's current ratings, which are considered strong. In assigning the Positive Outlook, Fitch will look for WFC to demonstrate its ability to sustain profitability and balance sheet strength at or near recent levels, even as it faces more challenging conditions over the near to intermediate term. In particular, Fitch will monitor closely the performance of WFC's businesses that lean heavily toward consumer borrowers and mortgage products. Further Fitch will look for WFC to continue to use its technological expertise to bring greater efficiency and depth to its back office operations. This would result in potential cost savings, but more importantly would establish added depth to the risk control function and minimize operational risk via more timely, automated and efficient operational procedures and reports.

Fitch has affirmed the following ratings:

Wells Fargo & Co.

--Issuer Default Rating (IDR) at 'AA',

--Short-Term Issuer at 'F1+',

--Individual at 'A',

--Support at '5',

--Senior Debt at 'AA',

--Subordinated Debt at 'AA-',

--Preferred at 'AA-',

--Short-Term Debt at 'F1+'.

Wells Fargo Bank, NA

--IDR at 'AA',

--Short-Term Issuer at 'F1+',

--Individual at 'A',

--Support at '2',

--Long Term Deposits at 'AA+',

--Senior Debt at 'AA',

--Subordinated Debt at 'AA-',

--Short-Term Deposits at 'F1+',

--Short-Term Debt at 'F1+'.

Wells Fargo Bank Northwest, NA

--IDR at 'AA',

--Short Term Issuer at 'F1+',

--Individual at 'A',

--Support at '2',

--Long Term Deposits at 'AA+',

--Short-Term Deposits at 'F1+',

--Senior Debt at 'AA'.

Wells Fargo Financial, Inc.

--IDR at 'AA';

--Senior Debt at 'AA'.

Wells Fargo Capital A

Wells Fargo Capital B

Wells Fargo Capital C

Wells Fargo Capital I

Wells Fargo Capital II

Wells Fargo Capital Trust IV

Wells Fargo Capital Trust V

Wells Fargo Capital Trust VI

Wells Fargo Capital Trust VII

Wells Fargo Capital Trust VIII

First Security Capital I

InterWest Capital Trust I

--Preferred at 'AA-'.

Wells Fargo Financial Canada Corp.

--IDR at 'AA',

--Short-Term Issuer at 'F1+',

--Senior Debt at 'AA',

--Short-Term Debt at 'F1+'.

WFC Holdings Corp.

--Subordinated Debt at 'AA-'.

First Security Corporation

--Senior Debt at 'AA'.

Pacific Northwest Bank

--Long Term Deposits at 'AA+'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.