Wells Fargo s Q4 home-equity loans provisioning not to affect ratings

MUMBAI, Nov. 29, 2007 (Thomson Financial delivered by Newstex) — Standard Poor’s (NYSE:MHP) Ratings Services said Wells Fargo Co’s (NYSE:GWF) (NYSE:JWF) (NYSE:WSF) (NYSE:WPF) (NYSE:WFC) planned 1.4 bln usd fourth-quarter provision related to its home equity losses will not affect the credit ratings of the fifth-largest US bank. S P said based on Well Fargo’s third-quarter net income of 2.3 bln usd, this special provision could reduce the company’s fourth-quarter earnings by 56 pct.

However, S P said based on Wells Fargo’s strong capital base and robust business and earnings diversity, the special provision will not affect the company’s ratings. Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.