DBRS: Wells Fargo unchanged

DBRS said the ratings for Wells Fargo & Co., including the AA issuer and senior debt rating, are unchanged following the release of the company's first-quarter 2011 results.

The trend is stable.

Wells Fargo reported record earnings of $3.8 billion in the quarter, a 10% increase from 1Q10, DBRS said. The company's results reflect earnings resilience and good performance across much of its franchise despite declining revenues in a difficult operating environment, especially for asset generation.

The ratings are based on a very strong broadly diversified franchise, its predictable recurring earnings, consistent management and business strategy, strong capital levels and ample liquidity, the agency added.

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