Fitch upgrades Wells Fargo Bank, debt

Fitch Ratings said it upgraded Wells Fargo Bank NA's long-term issuer default rating, senior debt and long-term deposit ratings to AA/AA/AA+, respectively.

The outlook for the long-term issuer default rating is stable.

Fitch said the upgrade of certain ratings for Wells Fargo & Co.’s operating subsidiaries, including Wells Fargo Bank NA and Wells Fargo Bank Northwest, NA, reflects the expected implementation of total loss absorbing capital requirements for U.S. Global Systemically Important Banks and the presence of a substantial debt buffer in the holding company.

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