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WELLS FARGO & CO. CREDIT TREND RAISED TO IMPROVING BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 10 /PRNewswire/ -- Wells Fargo & Co.'s credit trend is revised to improving from uncertain by Fitch. The company's 'A-' senior debt, 'BBB+' subordinated debt, and 'BBB' preferred stock are affirmed.
 The former credit trend was partially reflective of California's unstable economic environment, primarily in the commercial real estate sector. While those economic factors have not been fully resolved, Wells Fargo is generating important levels of core earnings even in the face of a hostile economic climate. The company's net interest margin is likely to decline modestly during the final half of this year, but the full year figure will compare favorably with its historical trend.
 The company's asset quality measures have improved meaningfully and coverage of nonperforming loans exceeded 110 percent at midyear 1993. Both GAAP and RAAP capital ratios continue to move higher and liquidity at both the parent company and the principal banking subsidiary remains high.
 Continued emphasis on the control of overhead costs is a key theme to Wells Fargo's profitability strategy. Further reductions in non- interest expenses related to its branches are a positive element for intermediate-term earnings prospects.
 -0- 9/10/93
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/


CO: Wells Fargo & Co. ST: California, New York IN: SU: RTG

WB -- NY067 -- 0912 09/10/93 17:11 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
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