Moody’s did an about-face on Wells Fargo’s debt.
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The rating agency said it was reversing its earlier caution on Wells Fargo and now is considering upgrading Wells Fargo’s debt ratings. Two weeks ago, on the day Wells Fargo reported that it would acquire Crocker National for $1.08 billion, Moody’s said it might lower the ratings. Now, however, Moody’s says it believes that Wells Fargo can successfully pull off the merger and that the bank company will be strengthened by the deal.
