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DBRS Morningstar confirms Wells Fargo


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DBRS Morningstar confirms Wells Fargo

DBRS Morningstar confirmed Wells Fargo & Co.'s ratings, including its long-term issuer rating of AA (low).

The rating agency also confirmed the ratings of Wells Fargo Bank NA, including the AA long-term senior debt rating. The trend on all ratings is stable.

DBRS Morningstar said the banking giant's performance remains solid despite the fallout originally stemming from the sales practices scandal. The rating agency said Wells Fargo maintained "strong market shares" in its businesses, including "continued momentum" in new checking accounts and deposits.

The rating agency also views positively the hiring of Charles Scharf as CEO.