S&P: Greater Bay on positive watch

Standard & Poor's said it placed its BBB-/A-3 counterparty credit rating on Greater Bay Bancorp and its ratings on Greater Bay's subsidiaries, on CreditWatch with positive implications.

"The ratings action is in response to the company's announcement that it is being acquired by higher rated Wells Fargo & Co. (AA+/stable/A-1+) in a stock-for-stock transaction valued at $1.5 billion," said S&P credit analyst Robert B. Hoban, Jr.

The acquisition helps Wells Fargo & Co. enhance its Bay Area footprint and creates the fifth-largest insurance broker in the nation, the agency noted.

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