Fitch affirms Wachovia

Fitch Ratings said it affirmed the AA-/F1+ long- and short-term issuer default ratings for Wachovia Corp. and its subsidiaries following review of first quarter 2008 results and assuming successful completion of a planned capital offering.

The outlook is stable.

The agency said that the rating affirmation reflects Fitch's view of Wachovia's ability to manage through the challenging environment anticipated over the near to intermediate term, notwithstanding the reported net loss of $350 million for 1Q'08 and the expectation that consumer credit weakness will continue to weigh heavily on the full year 2008 results of U.S. financial institutions more broadly.

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