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Moody's affirms Wells Fargo; outlook changed to negative

Moody's on Feb. 6 affirmed all the ratings of Wells Fargo & Co. and its units, including the company's issuer rating of A2 and subordinate shelf rating of (P)A3.

The rating agency expects the company's credit metrics to remain strong as its asset quality and capital ratios continue to improve.

However, the outlook was changed to negative from stable after the Federal Reserve issued a consent order capping the company's asset size.

According to Moody's, the changes Wells Fargo has made to improve its management and oversight remain mostly untested. The rating agency expects the Fed to require the company to implement additional governance and risk management changes.