Fitch ups Greater Bay Bancorp

Fitch Ratings said it has taken the following rating actions on Greater Bay Bancorp, Inc. and its subsidiary bank, Greater Bay Bank, NA, upon completion of the acquisition of the company by Wells Fargo & Co.:

• Greater Bay Bancorp, Inc.'s senior debt upgraded to AA from BBB and removed from rating watch positive.

• Greater Bay Bank, NA's long-term issuer default rating upgraded to AA from BBB; long-term deposits upgraded to AA+ from BBB+; short-term issuer default rating upgraded to F1+ from F2; short-term deposits upgraded to F1+ from F2; individual upgraded to A from B/C; support upgraded to 2 from 5 and support floor revised to BBB- from NF.

The outlook is positive.

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